Bitspark shuts down amid restructuring according to an announcement on the company website. The recent outbreak of the novel coronavirus has made situations worse. Bitspark CEO wrote to the users explaining the reason for the shutdown. The closing date has been scheduled on 4th March 2020.
Bitspark is a decentralized cryptocurrency exchange with its own native stablecoin cryptocurrency pegged to the Hong Kong dollar. Bitspark was founded in 2014, pioneering the first cross border cryptocurrency remittance. Since then, Bitspark has built products and services that make it easier to buy and sell cryptocurrencies with cash. The Bitspark web and mobile app platform enables individuals and businesses to join the Bitspark network as ‘Cash point’ agents facilitating the exchange of cryptocurrencies and cash on behalf of their customers. Zephyr (ZEPH) is a tradable rewards token for Bitspark’s cash to crypto network. The Zephyr token is awarded to Bitspark customers who do economically beneficial actions for the company’s network and from each successful transaction, Bitspark dedicates 25% of the service fee to buy backs from the Zephyr Market as per their announcements. Bitspark shuts down causing a significant vacuum in the crypto community.
From the Website
Dear Bitspark Community,
It is with great sadness I must inform you that Bitspark will be closing its doors as of 4 March 2020.
This decision was not taken lightly, particularly due to the excellent performance we have seen since the release of our Cash Point product late last year which has seen 400% MoM growth and, as our customers will attest, they’ve been running dry on cash daily for the last month due to demand. Unfortunately due to internal restructuring that hasn’t worked out, and a decision taken by shareholders internally, we have made the decision to close our doors. While the HK protests and now virus epidemic haven’t affected us much, it hasn’t helped either.
What happens next
Over the period of the 3rd of Feb to the 4th March 2020, functionality will remain intact for our customers to withdraw their crypto.
Subsequent to that, account logins will be disabled, for a period of 90 days after the 4th of March.
There will be limited services, but customers will have the ability to contact email@example.com and request a withdrawal if their Bitspark account or DEX wallet (with sparkdex assets) still has a balance. Liquidity will remain on the Bitspark markets until 4 March and the final ZEPH buyback will be an order on the order books as of today.
I’d personally like to thank everyone who’s made it possible over the years to be able to bring Bitspark’s vision of financial access for the world via cryptocurrencies and make it a reality. From our humble beginnings as the first company to ever do end to end remittances via Bitcoin in 2014, the first exchange in Asia with 20+ tokens (2014), the first stablecoins for exotic currencies, first exchange in Asia with insurance coverage (Bitgo) and the only Cash based fiat on/off ramp in crypto.
We’ve also had our fair share of non-product related trials which I’m sure would be an entertaining book one day. It’s been a wild ride and something our whole team can be immensely proud of.
It’s been a pleasure serving you, and we wish everyone all the best in future.
Bitspark shuts down causing a significant vacuum in the crypto community.