Bitspark Closing Exchange, Focusing on Remittances

Hong Kong-based Bitcoin service provider Bitspark says it will be closing its exchange, instead focusing on its remittance services, which it says have been taking off.

Bitspark’s stated offerings had included a cryptocurrency exchange supporting multiple fiat and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, a remittance service, merchant integration and loans. The exchange had been in limited beta mode and did not charge any fees.

Bitspark positioned the closure as an opportunity to refocus on remittances, which it says are supported in Philippines, Indonesia, Australia, Hong Kong and China. In general, Bitcoin has proven a useful tool to realize substantial savings for cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Bitspark says it will be launching a prototype of a new product at the 2015 Innotribe Semi-finals in Singapore.

Recently, the startup reinforced its Bitcoin storage capabilities by leveraging BitGo's multisignature wallets, which are designed for enterprise operations.

Customers have been given 30 days to withdraw funds. Wallets and details would be archived after this period.