Bitspark Partners with BitGo For Security, Reports Six Figure Investment

Hong Kong-based Bitspark has partnered with BitGo to use its multisignature wallet service to secure client funds.

Bitspark's stated offerings include a cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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. In the current limited beta mode, there are no trading fees on the exchange.

In January, it launched its low-fee remittance service for Indonesia. The company says that Hong Kong has a large remittance market, and its services could see demand from migrant workers looking to send money back home. It is also said to support remittances to the Philippines, where it reportedly has 30 physical locations available for pickup.

Multisignature technology, among other enterprise tools provided by BitGo, vastly decrease the chances of successful attack or theft by a prospective hacker.

Bitspark also pointed to the insurance on holdings secured by BitGo. In February, BitGo entered an arrangement with Innovation Insurance Group LLC whereby paying clients are insured against theft or loss of up to $250,000, with additional coverage available for a fee of 1% annually.

The startup is also said to have secured funding on the scale of six figures from "prominent investors in the Hong Kong FinTech community", their identities or the exact amount being undisclosed. The reported funding will go toward growing the team, expanding to new regions and bringing new services to the market.