Hong Kong’s Bitspark, a blockchain solutions company to the remittance industry announced that it received funding from RGAx, the innovation accelerator of Reinsurance Group of America (RGA). Headquartered in St. Louis, RGA is one of the world’s largest life reinsurance companies.
RGAx partners with and invests alongside enterprising companies developing solutions to the biggest problems in the fintech and insurance industries. Bitspark’s money exchange technology and placement in the cryptocurrency and blockchain industry bring a unique perspective on cash-based remittance transactions around the world.
Commenting on the investment by RGAx, George Harrap CEO of Bitspark Limited said:
“We are excited to be working with excellent partners in RGAx. Their presence, in the U.S., Asia Pacific region, and beyond, gives RGAx the global scope and expertise to accelerate Bitspark to the next level.”
Dennis Barnes, CEO, RGAx stated:
“At RGAx we are actively partnering with our existing clients and new innovators, such as Bitspark, to create business opportunities that improve consumer access to financial services. We believe Bitspark’s technology could help reduce friction for the millions of people who use remittance to support their families and friends abroad.”
Bitspark and RGAx are committed to fostering innovation in the areas of cash remittance payments and insurance, and Bitspark will be issuing new updates on upcoming projects soon. Additional terms of the investment, including the amount, are not being disclosed. A couple of months ago, Bitspark made waves when they announced it would no longer utilize bitcoin in remittance services, but would instead begin to use the Bitshares blockchain.