Robocoin the Las Vegas manufacture of Bitcoin ATM machines made headlines setting up the first Bitcoin ATM machine in Congress at Rayburn House in April; an ATM was placed in the “D” Las Vegas hotel and casino over the Memorial Day holiday. Today it takes on global banking and the retail remittance market, reports Coin Desk.
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The Robocoin 2.0 is featuring a new software platform to complement improved hardware and the step up in extra features to meet the needs of competition. Merchants world-wide have discovered that for a fraction of the cost, usually a half-percent of transaction process amount or $30 a month for all transactions up to $1 million processed in some agreements, that the savings of merchant fees is quickly adding up to big savings.
The enhanced ability of an ATM present to enter a local currency and buy bitcoin or use it to make a transfer globally is cost attractive to the next level of service in global transfer ease and satisfaction.
Robocoin saw the ground swell of eager acceptance around the world for the digital currency and set its vision to make bitcoin not only user-friendly for the mass- market but to provide financial services around the world that does not have access to a centralized banking system.
It was quickly identified earlier this year in New York when Benjamin M. Lawsky, Superintendent of Financial Services, investigated Bitcoin and saw the future in it for transaction savings for New York City residents in particular who wire money to Eastern Europe or Central America where banks are not readily available to receive money. New York Dept. of Financial Services now monitors bitcoin transaction business through a BitLicense for those wanting to operate as a bitcoin exchange.
Robocoin has studied the nature of bitcoin transactions and has removed the need for access to a wallet with a QR code to scan. The ATM from Robocoin which operates in thirteen countries provides its account holders an integral bitcoin account for immediate access.
There is no need to wait for blockchain confirmation for the transfer of bitcoin. The ATM customer may gain immediate access to money and bitcoin. Recipients who are receiving bitcoin do not need to have an existing account but only an email address or phone number to use for verification. They can visit a local Robocoin ATM “branch” machine and pick up local currency or bitcoin.
Bitcoin is available in twelve currencies, so recipients can easily walk away with the currency that they need from the transfer. MoneyGram and Western Union have a $500 billion a year business from transfers. Robocoin sees this as opportunity to save workers money sending it to their family around the world.
Robocoin CEO Jordan Kelley states, “Robocoin is expanding the bitcoin market by making it easier. No more downloading a digital wallet, storing a private key, or remembering public addresses. New technology and terminology mean secure deposits, instant withdraws, and the easiest way to send money worldwide.”
The company has reduced the price of its ATM Bitcoin unit and provides on its base unit the ability to deposit two bills at once. Also, bills deposited can be recycled for cash distribution which save time by elimination of restocking of bills.
Robocoin only reflects that the world is gearing up for bitcoin transactions. The Isle of Man which began accepting bitcoin in March for business transactions has listed today that bitcoin exchanges do not require a license for operations. Bitcoin will be treated as property. Money laundering and other attempts at illegal activities will be closely monitored.
Coin Desk quotes Charlie Woolnough, chairman of the Manx Digital Currency Association, that, “these favorable limits, plus the government’s new announcement, all help in the island’s move towards becoming the domicile of choice for digital currency companies.”