Hong Kong’s Bitspark announces new funding round and new security partnership

Hong Kong-based bitcoin remittance startup Bitspark announced today that it has closed a new funding round and secured a new security partnership to strengthen its offerings.

Details of the funding round were not disclosed, but Bitspark says the total sum was “six figures” (USD) and that the round was driven by “prominent financial technology investors and executives.” The company says this latest round will help it expand its service offerings.

Those offerings will also be bolstered by the startup’s new partnership with Bitgo Inc. Thanks to this partnership, Bitspark is now offering 100% multi­signature Bitcoin reserves for all of its customer deposits, which the company claims makes it the first bitcoin exchange in Asia to support 100% multisig security. Multisig reserves are more secure because the multiple signatures mean that thieves would have to compromise multiple machines rather than just one to get access to a customer’s bitcoin.

Bitspark is a Hong Kong-based startup that offers remittance via bitcoin to users without making them handle any of the virtual currency themselves. Users don’t even need to know what bitcoin is: they can simply hand over cash and let Bitspark convert it into bitcoin, remit that bitcoin to the desired location, and then turn it over as cash to the recipient minus a small commission.

Bitspark is also an exchange for bitcoin and other cryptocurrencies.