Bitspark Permanently Closing Its Door Next Month

The restructuring is followed by Maxine Ryan’s, Bitspark’s COO and co-founder departure from the company, which resulted in the in shut down. Maxine wrote on Twitter that although she hoped the company would continue, due to inconstancy it wasn’t anticipated to continue. She further commented on twitter that she respectfully accept the decision.

This is an unfortunate reality Bitspark has had to face.

While this isn’t easy to say, as of 4th of March, Bitspark will no longer be operating and providing its services.

HK Protests And Virus Outbreak Responsible

Both Ryan and Harrap mentioned the recent Hong Kong protests and coronavirus outbreak in the region where Bitsparks HQ is situated as some of the factors responsible for the shutdown. However, neither Ryan nor Harrap opened to the actual reason, i.e. on the structuring issues that forced the decision.

Harrap wrote that while the Hong Kong protests, as well as the coronavirus outbreak, haven’t affected the company much, it hasn’t helped either. He said that the decision was not easy to take primarily due to the 400 per cent month-over-month growth seen after the release of Cash Point product last year.

Bitspark was one of the few companies to successfully raise funds through an initial coin offering to serve their customer base. Furthermore, Maxine Ryan tweeted that there are no winners here because as founders, they lost dreams, as a team, they lost future, and as the customers and shareholders, they lost investment.