The Unexpected Farewell
It’s never a good day when a popular startup announces its closure, and on February 3, 2020, Hong Kong-based Bitspark did just that. Co-founder and CEO George Harrap revealed the platform would stop its services on March 4, 2020. For users, this means bittersweet freedom to withdraw their digital assets up until the shutdown.
The Timeline of Transition
For those who have grown fond of the Bitspark platform, here are the key dates to remember:
- February 3: Closure announcement made.
- February 3 – March 4: Withdrawal period open for users.
- March 4: Account logins disabled, but customer support will assist withdrawals during the following 90 days.
It seems like a lot of back and forth from the date of announcement to the final shutdown, but rest assured, Harrap promised that account functionalities remain intact for this period.
The Growth That Couldn’t Last
Harrap emphasized that Bitspark’s unfortunate closure came unexpectedly, especially considering the remittance service, Cash Point, recently hit a staggering 400% month-over-month growth since its launch in 2019. One can only imagine how frustrating it must have been for the team to find themselves in a position of having to shut shop triumphantly rather than in shambles.
Challenges Amplified by Chaos
Co-founded in 2014 by Harrap and the equally talented Maxine Ryan, Bitspark quickly became a blockchain financial services powerhouse in the Asia-Pacific region. However, internal restructuring, prompted by Ryan’s recent decision to resign as COO, was further complicated by external factors. Political protests in Hong Kong and the coronavirus outbreak painted a tumultuous backdrop for the operation, leading them to take the difficult decision to close
A Statement from Ryan
In a candid Twitter thread, Ryan articulated the company’s predicament: “As of a month ago, I made a decision to step down… this paired with the landscape of Hong Kong with protests and the coronavirus led us to this direction.” It’s like pouring spicy hot sauce on your already delicious but spicy food—it was just too much!
Looking to the Future
Despite the heart-wrenching decision to close, Ryan remains optimistic about the future of the crypto and blockchain space, urging all enthusiasts to hold their heads high. “This industry is incredible and stronger than ever,” she stated, leaving us all with a glimmer of hope for what’s next.
Bitspark may be closing its doors, but it also leaves behind a trail of innovation and growth. Remember its ICO from the 2017 hype? Yes, the Zephyr (ZEPH) rewards token was meant to revolutionize the fiat transfer system on a blockchain—who would’ve thought a pandemic and social unrest would call time on such an exciting journey? Only in crypto, folks!
