Blockchain remittance firm Bitspark is shutting down six years after its launch

Hong Kong-based blockchain remittance firm Bitspark is closing operations next month.

Bitspark CEO George Harrap announced the news in a blog post on Monday, saying that customers have until March 4 to withdraw their funds. After that, users can withdraw their funds via Bitspark customer support for a further 90 days.

Founded in 2014, Bitspark is shutting down due to “internal restructuring,” said Harrap, adding that Hong Kong protests and coronavirus also weighed in on the decision.

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The restructuring included Bitspark co-founder and COO Maxine Ryan quitting from her role. "As of a month ago, I made the decision to step down from my position as COO of Bitspark. This naturally caused a need to restructure the company which unfortunately landed this result,” Ryan wrote on Twitter.

“While I hoped the company would continue especially due to the MOM [month on month] growth, it was determined that due to its inconstancy it wasn’t predictable enough to continue,” she added.

Bitspark saw a 400% MOM growth after releasing its Cash Point product last year, per the blog post.