Hong Kong-based blockchain remittance startup Bitspark has abruptly announced its closure, citing internal restructuring issues.

On Feb. 3, Bitspark co-founder and CEO George Harrap officially appear the platform'due south plans to shut down its services on March 4, 2022.

According to the statement, Bitspark users will be able to withdraw their cryptocurrencies from Feb. three to March 4 every bit the platform's functionality will stay intact over the period. Subsequently March 4, account logins volition be disabled for a period of 90 days, with users beingness able to withdraw their funds via Bitspark customer support, the announcement reads.

Harrap emphasized that the firm's precipitous closure comes despite the "excellent performance" that Bitspark has seen since the release of its new remittance service Greenbacks Point in 2022. Co-ordinate to Harrap, Bitspark saw a 400% month-over-month growth after releasing the product.

Restructuring complicated by political turmoil

Co-founded by Harrap and Maxine Ryan in 2022, Bitspark emerged as a major blockchain-powered financial services company for the Asia-Pacific region, serving countries like Vietnam, the Philippines and Indonesia.

Bitspark'south closure comes a month afterward its co-founder Ryan appear her intention to step downwards from her  position equally chief operating officer. According to the official announcement, Ryan's decision caused internal restructuring issues that have been exacerbated by the coronavirus outbreak in China as well as anti-authorities protests in Hong Kong, which drove Bitspark to close the firm:

"Unfortunately due to internal restructuring that hasn't worked out, and a determination taken by shareholders internally, we have fabricated the conclusion to close our doors. While the HK protests and at present virus epidemic haven't affected us much, it hasn't helped either."

In a Twitter thread on Feb. iii, Ryan confirmed Bitspark's reasons for the closure:

"What caused the closure. Every bit of a month agone, I made the decision to step downward from my position as COO of Bitspark. This naturally caused a need to restructure the company which unfortunately landed this result [...] This paired with the mural of Hong Kong with protests and the coronavirus where Bitspark HQ is located. The team and shareholders decided this was the all-time fashion forward to prevent integrity disuse of the company."

Despite claiming that Ryan and Harrap "lost [their] dreams" as founders, Ryan still emphasized that Bitspark'due south closure does non mean that the crypto and blockchain manufacture is in decline:

"Whether yous call it #bitcoin #crypto #blockchain, this manufacture is an incredible 1. Please practise not take this every bit a sign of its turn down equally information technology'south stronger than ever and I cannot wait to see what its future holds."

Bitspark conducted an initial coin offering amidst the ICO hype of 2022, launching its Zephyr (ZEPH) rewards token ICO in Nov of that year for a projection specializing in the transfer of fiat money on a blockchain.