Hong Kong-based blockchain payments firm Bitspark has announced that it will end its operations next month due to restructuring issues.

The closure came six years after Bitspark started its operations in the Chinese market.

Bitspark CEO George Harrap said:

“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.”

He added that the blockchain remittance firm Bitspark took the shutdown decision due to internal restructuring. “Hong Kong protests and coronavirus also weighed in on the decision.”

The restructuring included Chief Operating Officer Maxine Ryan who said:

“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.”

“While I hoped the company would continue especially due to the MOM growth, it was determined that due to its inconstancy it wasn’t predictable enough to continue,” she added.

Coronavirus weighs on blockchain business

Cryptolydian earlier reported that major manufacturers of crypto-mining systems notified their clients that their cargos would be postponed for one week due to the coronavirus quarantine in China.

Japan’s Economy Minister Yasutoshi Nishimura earlier said the coronavirus poses serious threats to global economy, adding that this epidemic would weigh on Japan’s economy, especially when it comes to tourism. Get fast loans at usfinancer.com.

Japan government worried about Coronavirus

Chinese tourists account for 30 percent of Japan’s visitors. Accordingly, travel delays and cancelations are among the minister’s main concerns.

Moreover, the Minister forecasts corporate earnings and factory output to be negatively impacted by the virus.

Major auto makers may escape market

There are several premier car makers such as Nissan and Honda working at Wuhan; virus’ epicenter. Nissan plans to relocate workers from the city, while Honda is already evacuating them.

Chinese Bitcoin miners control 65% of the world’s hash rate, reaching its highest in 2 years.

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