Another remittance, or rebittance if you will, has decided to close shop. Freemit has officially closed its doors stating its inability to obtain funding.
This may not come as a shock to many given the market is already over-saturated with apps of this kind. Really ... did we need another one of these? It's like a few years ago when everyone was opening a wallet. Then everyone was opening a mining firm. Then everyone was opening a new AltCoin that was going to be the best things since Swiss cheese (and full of as many holes...PayCoin anyone?). Then the WE-DO-EVERYTHING combo's began ... the "mining, wallet, liquidity, exchange, ATM" companies. Not necessarily all together but usually in a 2-pack or 4-pack and you can insert any of those together in any combination.
Everyone else jumps from one boat to the next in search of something original including the current bandwagon, anything they can blockchain-ize and everyone and their sisters friends ex-boyfriend's cat is doing everything they can to twist anything they can think of into something they can pitch as blockchain-ish.
Why Another Remittance App??
Was there some hidden service? Some secret sauce that makes this taste better? Does this do something none of the other 8 plazillion offerings on the market can do? Why do we need this?
Its possible this is exactly what the investors of whom this was pitched were thinking. Seriously, this is not only an overcrowded market in the bitcoin space, its crowded period. American Express, Google, PayPal, Apple, and about a hundred smaller versions of them all exist on top of the countless bitcoin versions.
The other issue with this is why have it to begin with? It's not rocket science to send a bitcoin from one person to another so it's just the on-ramp off-ramp to normal currency if its desired and that's fairly painless as well. Not to mention the latter is a feature not all bitcoin users are going to be thrilled about anyway since they often prefer to send and spend bitcoin in bitcoin form so you lose part of the very market your building this for.
Not only can you simply do this yourself on your own and for free, but this product in various shapes and forms exists now so why build another one? At least with the Mike Tyson version there was some entertainment value there but that's really how saturated the market is. The Mike Tyson's of the world are being courted to help market a product that would otherwise be lost on a sea of generic brands.
It always sucks when a company closes down and people have to lose jobs and things of that nature but in this case better now then down the road after more money was flushed down the toilet.
As much as it sucks this is likely the best thing that could have happened to Freemit. It takes an apparent losing battle and provides a new opportunity to take the knowledge that got you that far and go build something really cool.