Fintech startup Freemit is about to launch the next generation of money transfer.
“Money when you need it, anywhere, in any currency, from anyone, in seconds, NO fees,” states the Freemit website in simple and very disruptive terms. “Send, spend and get money anywhere in seconds. Skip the bank with our Bitcoin-powered exchange and pay no fees, ever.”
The Freemit service, which includes a phone app and a (presumably virtual) credit card, is scheduled to start rolling out in 2016 and incentivize users with $10 in their accounts. In the meantime, interested readers can sign up for a waiting list.
“Freemit is a financial travel companion that empowers 3.6 billion travelers, students and others with a digital wallet, giving them financial independence to instantly access their financial resources using bitcoin,” reads Freemit’s Crunchbase profile . “They are creating a streamlined, inexpensive alternative to the current remittance and currency exchange systems. Using the blockchain and a local currency in/local currency out vision, they will make moving money cheaper, better, and friction-free.” The company received $120,000 seed funding in January 2015.
“Our banks are robbing us,” stated Freemit founder and CEO John Biggs as first reported by Crowdfund Insider . “And this doesn’t make sense anymore. Because the world has changed. There is this thing called the Internet, which changed everything … Except banking. And except money transfer. But that is going to change. It has to change. Why has it taken so long?”
That John Biggs is behind Freemit is news in itself, because he is a well-known author and editor. He is the East Coast Editor at TechCrunch – see his Crunchbase profile – and former editor-in-chief of Gawker Media’s technology magazine Gizmodo . Biggs has written for many high-profile general interest and technology outlets, and authored several books .
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