Introducing Bitspark.io Bitcoin Trading Platform
Bitcoin startup Bitspark.iohas launched a new bitcoin trading platform. The company which in incorporated in Hong Kong, aspires to be the largest, most well-featured and most user-friendly crypto-currency platform in the world. Bitspark charges nothing for the first month of using the trading platform.
Bitspark.io launched their bitcoin exchange platform on Wednesday this week in limited beta. The platform comes with the ability to trade in six different coins including Bitcoin, Peercoin, Dogecoin, Litecoin, Blackcoin and Cloakcoin. Currently, the Bitspark team is working on the integration of more crypto-currencies, fiat money as well as merchant processing. To be able to trade in fiat money the company plans on introducing measures that will help it comply with AML/KYC regulations around the world. As it is a new bitcoin exchange, the company is giving users the opportunity to audit the company’s reserves in two clicks.
How the Bitspark Exchange Works
Like most other bitcoin exchanges, users begin using the Bitspark platform with registration that enables them to use Bitspark’s trading tools and functions. These tools are visible on the left side of the Bitspark dashboard. They include the trade function, deposit/withdrawal, history, merchants, verification and a menu that can be used to audit Bitspark’s reserves. An auto-generated wallet is created upon signing up. The wallet is denominated in all the currencies that Bitspark supports.
The dashboard has a minimalist, clean design with the logos of the currencies being traded prominently displayed. In the Settings menu, the user can also activate two-factor authentication that is a staple in most bitcoin exchanges. Like other exchanges a user is required to install the Google Authenticator app, and then scan the QR code so as to get the two-factor password.
Bitspark and the Global Remittance Market
One area where Bitspark could make a mark is in the global remittance market. Each year billions of dollars are sent to various countries notably in Africa, Asia and Latin America. More than 215 million people live outside the countries of their birth, and over 700 million people migrate within their countries according to World Bank statistics. In 2012, the size of global remittances was about US$529 billion, pointing to a huge untapped market.
The major players in the remittance market have been banks and money transfer companies. While their services have worked for large sums, they have often proved inadequate for the smaller sums that are often sent homeward. Bitcoin can solve such problems since it is quick, and the transaction can be sent from any part of the world in a matter of minutes.
In most developing countries, the last hurdle is often in converting between Bitcoin and local fiat currency. When Bitspark can solve that last mile problem, then it would be able to effectively take Bitcoin to the mainstream of the global remittance market. Currently, a few Bitcoin remittance players in Africa and Asia are focused on specific corridors such as East and West Africa and the Philippines. What is required is an omnibus platform that will enable both global and regional remittances. It is hoped that Bitspark will become that platform.