Freemit

Freemit was a financial technology company established in 2014 with a mission to simplify global money transfers. The venture was co-founded by John Biggs, a seasoned technology journalist with editorial experience at publications like TechCrunch and Gizmodo, alongside Rich Svinkin and Paul Goudas. Biggs' background as a writer and entrepreneur, particularly in fintech, informed the company's objective to create a more efficient alternative to conventional remittance and currency exchange systems.

The company developed an online platform, accessible via the web and a mobile application, designed to facilitate instant and fee-free money transfers across the globe. The core of its service relied on leveraging Bitcoin as the underlying technology for the exchange, aiming to eliminate traditional banking fees. Freemit's target clients included international travelers and students who required a straightforward way to access and move their funds without incurring typical transfer costs. The business model was centered on providing a digital wallet that empowered users with greater financial independence.

Despite its proposition and securing initial funding, including $120K from an accelerator program in late 2015, Freemit ceased operations in July 2016. The shutdown was attributed to an inability to secure further investment and challenges with technical execution. In a public statement, co-founder John Biggs cited a failure to find a reliable technology team capable of building a scalable product as a primary reason for the company's closure.

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