Bitcoin boss shares start-up tales and hopes for Hong Kong
Locally based entrepreneur urges officials to tackle talent shortage in city
Bitcoin entrepreneur George Harrap, 27, saw the potential in the digital currency in 2011, two years after it was introduced to the world.
The thought of “being [his] own bank and in control of [his] own money was liberating”, so he capitalised on the fast and secure transfer of the cryptocurrency.
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“From there I taught myself about finance through bitcoin and the internet and tried many bitcoin services. Eventually I thought bitcoin is going to change the world and I have to go do it so I got on a plane to Hong Kong.”
Two years later, Harrap established his start-up, Bitspark. The remittance payment company accepts fiat currency such as Hong Kong dollars for overseas transfers. Bitspark sends bitcoin to a remittance partner who pays the recipient in fiat currency.
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The advantages of using bitcoin are the low transaction fees, compared to more well established money transfer companies, and the rising value of bitcoin. His company turned its first profit this year.
Hong Kong’s start-up scene is growing, but finding qualified people to fill vacancies is proving difficult for technology companies like Bitspark.