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.
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.