Bitcoin Remittance Startup Freemit to Close Amid Funding Shortfall

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Bitcoin remittance startup Freemit is officially shutting a doors, dual years after it initial began an bid to build a remittance service.

CEO John Biggs, a former editor for TechCrunch, said that a preference to shiver a operation came after a “perfect storm” of a miss of a viable product to uncover investors and, consequently, a inability to lift funds.

Though Biggs pronounced he’s not artificial with a technology as a outcome of a experience, he warned that he believes bitcoin entrepreneurs are giving adult control of a record meant to commission consumers to vast banks.

Biggs told CoinDesk:

“You don’t wish to start a bitcoin association right now. There’s a brief window between when banks are going to start holding over and when guys with new functionality are going to be means to contribute.”

Founded in Dec 2014, Freemit was creatively designed to be an optimized exchange, though after lifting $150,000 from angel investors, a startup pivoted to peer-to-peer payments.

Freemit, Biggs said, employed as many as 10 people and went through dual growth teams, however, with over 8,000 beta users, it was still incompetent to broach functioning tech.

Biggs went into additional fact about a company’s problems in a blog post published progressing today.

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