Freemit, a fintech startup founded by John Biggs – editor at Gizmodo and TechCrunch, is going to launch the next generation of money transfer this year.



“Send, spend and get money anywhere in seconds. Skip the bank with our Bitcoin-powered exchange and pay no fees, ever”, the homepage of the Freemit website reads. “Freemit will launch in 2016”.



Bitcoin Magazine reports that the Freemit service includes a phone app and a (most likely virtual) credit card. As a promotional offer, the company is offering $10 to interested users.



Freemit’s description on Betalist.com says that it is a financial travel companion that empowers 3.6 billion travelers, students and others with a digital wallet, providing them financial independence to instantly access their financial resources using bitcoin.



“We 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, we will make moving money cheaper, better, and friction-free”, the description adds.



In a blog post entitled “The Future of Money Transfer: how bitcoin and block-chain based open ledgers are going to transform the world of money”, the company noted that the world tourism industry generates over $1.2 Trillion a year in foreign transactions and most tourists lose around 3% on their foreign exchange transactions (depending on where they change their money).



“When you use your credit card or bank ATM overseas, your bank charges you between 3-4% per transaction in hidden fees. Overall, this hidden ‘tax’ costs tourists $36 billion”, it said.



Freemit says that the inception of Bitcoin’s blockchain ledger has created the first, truly transparent which would disrupt the private ledger system currently dominating the banking sector. The Bitcoin’s blockchain ledger enables an unprecedented level of trust that would “shatter” the hidden tolls and unacceptable delays of today’s foreign money transfers.



“For the first time in history, we would have a truly global, instant, cost-free system of money transfer”, it added.