Sparkswap Bitcoin Exchange Announces Closure
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Backed by an investment firm and hedge fund Pantera Capital cryptocurrency exchange on the Lightning Network Sparkswap has announced the closure.

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According to Trey Griffith Sparkswap Founder, the exchange was not able to build a large enough audience "to sustain the business over the long term."

"Building a cryptocurrency business, especially one that interacts with the fiat banking system, is an expensive endeavor, and as it stands right now the style of self-custody we were espousing is too niche to make our business sustainable," Griffith said.

Sparkswap CEO says the exchange won’t be accepting any further user sign-ups or additional USD deposits.

Existing users will have until March 24, 2020 to make any final BTC purchases before the exchange terminate all trading activity, an announcement says.

"We are still believers in the vision of the future that Bitcoin and Lightning provides and the importance of self-custody to a Bitcoin-backed financial system," Sparkswap Founder added.

Previously iHodl reported that the Hong Kong-based international crypto-focused network Bitspark shut down the services after six years of operation as the internal restructuring failed to work out.

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