Earlier this month Bitspark attended the International Money Transfer Conference (IMTC) in Miami, USA. This annual gathering brings together the money transmitter industry from around the world to discuss all things related to remittance, compliance, FX and all other related areas to how money moves across borders.
Bitspark was there to demonstrate our product offerings, discuss cryptocurrency remittances and introduce Zephyr as a reward token for remittances. Suffice to say, there was alot of interest this year in Bitcoin remittances when last year the Bitcoin companies were the crazy outsiders with concepts too radical to be accepted by traditional MTOs, this year we saw a change of mind with nearly every keynote and panel focusing on the usage of cryptocurrency in remittances. Bitspark is following up on some key leads from the conference which was very positive overall.
A key theme this year, like previous years was on 'De-risking' that is banker talk for banks shutting down accounts of money transfer operators. The MTO industry is facing tough times with established licensed MTOs having their accounts at various banks being closed often for no reason other than a new internal policy at the bank not being accommodating for money transfer businesses. This leads to businesses disappearing and further consolidation in the market and higher fees. Bitspark's key message was that you don't need a bank to send remittances anymore- it can be done entirely with cash and cryptocurrency.
We will be attending and possibly exhibiting at the upcoming IMTC conference in Asia (Kuala Lumpur) later in 2018 and look forward to connecting with more money transfer businesses around the world, stay tuned for updates!