Several crypto and blockchain companies out there are looking to ensure the unbanked garner the financial services they need. Sadly, many of these companies have died and no longer exist, though some, like Bit Spark, have managed to retain their positions in the digital finance space to ensure their goals come to life.
Bit Spark Has Made a Real Name for Itself
Bit Spark was created roughly five years ago. The company came to fruition through an initial coin offering (ICO) that garnered the company more than $1 million in funds to assist the company in its operations and plans for expansion. Bit Spark has since allowed that money to grow in both size and depth, and that $1.3 million it initially received has turned into just shy of $3 million.
One of the big companies right now looking to allegedly assist the unbanked is Facebook. The social media giant has been pushing its new Libra project since the summer, though the currency has garnered a relatively mixed reception from users, with many politicians and general customers saying they’re either worried about it or aren’t willing to use it.
One of the things that has allegedly allowed Bit Spark to survive is that it is targeting what it’s always said it will target: unbanked populations. Right now, the company operates in regions like Singapore, Hong Kong and Vietnam, whereas projects like Libra are based in the United States. While the U.S. has a healthy crypto population, the country has been relatively slow to adopt and accept the financial methods behind crypto.
In addition, the U.S. is a developed region that houses a population that’s still used to the prospects of cash, credit cards, stocks and bonds.
Crypto arguably has the best chance of surviving as a means of payment in developing countries. Bit Spark seems to recognize this and has already forged partnerships with other businesses in such regions. Recently, the venture signed a deal with Calimex, a fast food chain that’s stationed in regions of Hong Kong and the Philippines.
Crypto Payments Are the Way to Go
Calimex owner Jordan Moss explained in a statement:
While it’s still in the early stages of the launch phase, we have seen a meaningful uptick of three to five percent in transactions. Becoming a Bit Spark cash point has opened the opportunity for a new revenue stream as well as facilitating cross-selling with Bit Spark’s members and the crypto community in general. While coming in to use the cash point, we encourage customers to stay and enjoy a burrito or a margarita… Bit Spark makes the complex easy for non-crypto businesses and people who are seeking to get into the space.
Cryptocurrencies were originally intended to serve as tools for purchasing goods and services, but their volatility often gets in the way.