Bitspark, a bankless money transfer ecosystem, goes live with the beta version of its new web platform enabling people to easily deposit cash, cryptocurrency or via bank transfer and exchange money using stablecoins in eight major national fiat currencies (USD, GBP, SGD, HKD, AUD, CNY, PHP, EUR).
Stablecoins are cryptocurrencies that are backed by and pegged to the price of existing real-world assets like reserves of physical cash.
“With this new web platform, we’re addressing the liquidity challenge between physical cash and digital currencies. The upgrade will help us to truly realise the promise of blockchain and countries with limited or no access to banking infrastructure,” said Maxine Ryan, Co-Founder and COO of Bitspark.
As of today, Bitspark customers can deposit four cryptocurrencies (BTC, ETH, Zephyr, BitShares) in addition to the eight major national currencies through their banking channels or cash deposits via Bitspark’s partnered money transfer shops and vaults. Customers can then exchange these funds between the available currencies and withdraw to cryptocurrency wallets.
The next update will connect the web platform to include crypto to cash out option. Customers will be able to cash out their crypto to Bitspark's half a million partner locations in Asia and Africa.
This web platform follows Bitspark’s launch of the world's first stablecoins for the Hong Kong Dollar (Sparkdex.HKD) and Philippine Peso (peg.PHP) with more to come.
“Beyond the 30 major currencies of the world, accessing all of the world’s 180 official currencies continues to be a challenge but we have built a platform that will eventually host all of them,” said George Harrap, Co-Founder and CEO of Bitspark.
Bitspark’s mobile apps available on Android will undergo a revamp in 2Q’19, giving individuals the ability to deposit and withdraw cash in nearly any currency through more partners or convert balances into major cryptocurrencies.
There are also plans to support another 42 currencies on the platform.
“Stablecoin-powered money transfers can drive liquidity in exotic currency markets, open new corridors for global trade, and allow for a more granular exchange between physical cash and cryptocurrencies,” said George Harrap, Co-Founder and CEO of Bitspark.