Beam, a Ghanaian startup that specializes in international remittances via bitcoins, has shut down its remittance services.
The startup now provides services that allow Ghanaians in diaspora pay for gifts and pick up bills for their loved ones at home, Disrupt Africa reports.
“With a heavy heart, we have decided to discontinue our Bitcoin remittance service, Beam states on its website, “However, this is not the end of Beam; we are working on other exciting services enabling Ghanaians in the diaspora to care for loved ones back home.”
Beam did not say why it stopped its bitcoin activities or chose to take up remote gifting bills payment. TechCabal has reached out to Beam with these questions and will update when we get the information.
The company started business in October last year to allow international remittances via bitcoin. The company was incubated at Ghana’s Meltwater Entrepreneurial School of Technology (MEST) with initial funding from the incubator as well. It was also at the global finals of the Seedstars World competition in Geneva, Switzerland, earlier this year.
Falk Benke has replied to the questions posed by TechCabal
“This is correct, we no longer focus on Bitcoin-powered remittances. In short, the main reasons are lack of adoption of Bitcoin among our target customers and regulatory challenges.”
“Nikunj Handa has left the company to pursue other projects, but remains a close friend of Beam. We brought Kingston Tagoe (CPO) and Gerald Pharin (CTO) on board as new co-founders.”