Blockchain Startup JetSet Aims To End High Currency Exchange Fees For Travelers, Starting with the ATM

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The ATM as we know it is being re-imagined, and it's going to revolutionize travel.

The Hub

We're not only remedying one of the biggest headaches in the travel space, we're building a bridge between the virtual world of crypto and the real world of fiat. Our Hub is so much more than just an ATM. It's a center of information.

Obtaining local currency while on a trip to a foreign country can be a gigantic and expensive hassle. For most travelers in the millennial and gen z demographic, having a travel friendly credit card can be hard to come by, and the most commonly used means of payment is by local currency. But getting it usually means dealing with sparse locations or questionably secure ATMs, high fee and high commission foreign exchange kiosks, or foreign transaction fees on your debit card. JetSet, a travel related blockchain startup is looking to solve all of those problems that afflict travelers, and then some. CEO and Co-Founder Amar Bhakta had this to say: "We're not only remedying one of the biggest headaches in the travel space, we're building a bridge between the virtual world of cryptocurrency and the real world of fiat. Our Hub is so much more than just an ATM. It's a center of information."

The Hub, a completely reimagined version of the automated teller machine, will be an integral part of the JetSet ecosystem. It will be stationed in major transportation centers in large cities across the globe. Airports, train stations, and city centers are all locations in which a traveler can utilize a Hub, and it will do so much more than just be a location to obtain local currency. It can only be accessed by JetSet users, and can only be unlocked via secure QR code (and eventually NFC) in conjunction with phone biometrics and security protocols. A huge LED display is a welcoming sight rather than the cramped and small screens of ATMs that can only serve a single purpose. A plethora of security measures such as GPS location, cameras, proximity, motion, and shock sensors all ensure that the Hub can’t be moved or stolen even in the worst of conditions.

Once logged in, the user can obtain local currency from money loaded into their account, book travel and accommodations, and check information of the area they are in currently. Need to book a last minute flight, a hotel room, rental car, or even an excursion or adventure? It can all be done through the Hub using a user’s already stored JetSet tokens. What if you’ve finished your trip and have leftover currency? Simply step up to a Hub at the airport and deposit back into your account. The currency is converted back into JetSet tokens which you can use for anything in the JetSet universe.

The goal is to address and fix the biggest issues facing travelers once they’ve already reached their destination and must deal with the restrictions between every country they visit. Not all international and travel friendly credit cards will work everywhere, and hidden fees can pop up well after a trip has been completed. Inconsistencies between countries creates another layer of confusion, and digital theft and card skimmers pose a huge threat to a traveler’s funds. Without reliable access to phone or cell service, getting help from your bank can become a massive dilemma. By creating a unified ecosystem that goes over the top of centralized banks and across borders, travelers can rely on security and consistency when it comes to using their money on a trip.

The JetSet mission is to make travel safer, easier, and more affordable for everyone around the world by removing the obsolete restrictions around modern-day travel. They are developing a private token marketplace and exchange that will help travelers find the best means and ways to enjoy a trip abroad or domestically - whether it is exchanging money, booking travel, or finding a hotel - all powered by blockchain technology.

You can read the executive summary here and whitepaper here.

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Amar C. Bhakta
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