Remitly falls after Spruce Point discloses short position

** Shares of financial services firm Remitly Global down 1.3% at $19.81 in early trading after Spruce Point reveals short position against co** "Uncertain U.S. immigration policies and the potential deportations of millions of immigrants add notable short-term risks to its business that the Company has not yet addressed" - Spruce Point** On longer-term, Remitly faces challenges from the growing adoption of cryptocurrency such as stablecoins to facilitate payments which is likely to put pressure on its transaction fees - Spruce Point** Founded in 2011, Remitly is a Seattle-based firm that offers online remittance services** Reuters could not independently verify the claims in the short seller's report** Remitly did not immediately respond to Reuters request for comment** As of last close, stock is down 11% YTD