BitSpark, Pioneer of HK-PH Remittance via Bitcoin Closes Down

[Baofeng]

Hindi magandang balita,

Pioneering crypto exchange and Bitcoin remittance company BitSpark announces it is closing down on March 4, 2020. Functionality remains in the meantime to give users enough time to withdraw their cryptocurrencies.

While the company has Month-Over-Month growth, it was determined that the inconsistency of the market will make it unpredictable enough to continue. Also, the ongoing protest and coronavirus scare in Hong Kong where BitSpark is located were also cited as reasons.

https://bitpinas.com/news/bitspark-closes-down/

I think ito ang kauna unahang may narinig ako na magsasara ang isang crypto related services dahil sa geo-political issue at ang epekto ng Corona virus epidemic.

Pwede nyo ring sundan sila sa official blog: https://www.bitspark.io/blog-posts/dear-bitspark-community

[Bttzed03]

The HK protest and the nCov were just salt to the company's wound. Reading the blog, it was clear that they were already having difficulty internally

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.

When a company tries to restructure, it most likely means something isn't right. Baka nagkaroon ng mga disagreements among company officials na hindi na maayos. Sa tingin ko the chances of them recovering, whether or not may protesta or epidemya, is slim.

[rhomelmabini]

Well, I guess they are just being realistic here since they don't know at all kung kailan rin huhupa yung tension at ang nagaganap na crisis in regards sa nCoV.

When a company tries to restructure, it most likely means something isn't right. Baka nagkaroon ng mga disagreements among company officials na hindi na maayos. Sa tingin ko the chances of them recovering, whether or not may protesta or epidemya, is slim.

Probably Maxine Ryan stepping down on his position was the one that triggered this to happen at nagsunod-sunod na yung mga pangyayari. I have a wild hunch na this is an internal problem too among the founders.