San Juan, PUERTO RICO, November 9, 2020 (GLOBE NEWSWIRE) – BOTS, Inc. (OTC: BTZI) (the “Company”) an emerging innovator of products, technologies and services for rapidly growing cybersecurity, automation digital robotics and artificial intelligence for the manufacturing industry today announced that its wholly owned subsidiary, First Bitcoin Capital LLC, is in talks with a major law firm to enforce our Bitcoin ATM patent against those who operate ATMs. Bitcoin, to collect royalty payments. During these negotiations, we are contacting individual operators to reach an amicable settlement without litigation, offering operators to join a consortium of Bitcoin ATMs.
As Bitcoin prices rise to their highest levels since 2018, reaching over $ 15,000.00, we expect transactions in this profitable market to increase significantly. An article posted on Marketwatch.com partially explained why: The recent rally for the cryptocurrency craze progenitor comes as PayPal Holdings announced plans to accept cryptocurrencies and allow their use for merchant payments. PayPal’s announcement is an ever-expanding recognition of the legitimacy of digital currencies.
BTZI announced on October 29, 2020 that it has acquired a subsidiary from First Bitcoin Capital Corp (OTC: BITCF), which includes the rights to U.S. Pat. 9.135.787 – “Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the same.” Known as the “Bitcoin ATM patent,” this patent is related to buying and selling cryptocurrencies using a Bitcoin ATM or kiosk that allows customers to purchase Bitcoin or other cryptocurrencies using cash, debit or credit cards. Many of the elements of that intellectual property (IP) will be “essential standards statements,” which are critical to the functioning of the Bitcoin ATM networks.
All Bitcoin ATM companies could be forced to use patented technology to make and sell their Bitcoin ATMs, as well as companies and individuals who own and operate Bitcoin ATM networks locally and nationally.
“The royalty payments per transaction will be negotiated over a period of several years. Some agreements, particularly with manufacturers, may cover previous years and / or a significant number of years to come,” says Paul Rosenberg, CEO of BOTS Inc , “as those terms have not yet been finalized.”
The Company has already entered into negotiations with a major law firm with a very successful track record in enforcing patent rights when working on a contingent basis.
According to CoinATMradar.com, as of November 2020 there were over 9,400 Bitcoin ATMs installed in the United States. The average Bitcoin ATM kiosk processes 130-180 monthly transactions. This translates to $ 14-18 million in potential income for the Company per year.
Like traditional bank ATMs, a Bitcoin ATM is a kiosk with internet portals through which customers can engage in a cryptocurrency buying and selling transaction. The difference is that traditional bank-owned ATMs allow customers to withdraw and deposit cash or checks, while Bitcoin ATMs allow customers to buy and sell cryptocurrencies using cash or credit cards.
Most Bitcoin ATMs consist of a monitor, a QR scanner, a bill reader, a facial recognition camera and a dispenser (as described in our patent). On the backend, these components are connected to a platform and the Internet to make the purchase and sale of cryptocurrency. , mainly Bitcoin – fast, simple and secure.
However, Bitcoin ATMs are different from bank ATMs in that they are not linked to the customer’s bank account. Instead, they are directly linked to a cryptocurrency exchange or Bitcoin mining farm via the internet.
“The first true Bitcoin ATM was installed in 2013 in a cafe in Vancouver, Canada. It took six years to transform this single machine into a multi-million dollar industry around the world. At the same time, future growth could easily dwarf. this embryonic progress. “- added Paul Rosenberg.
BOTS, Inc. is also developing a worldwide Bitcoin ATM network, similar to the bank’s ATM networks to allow customers to buy and sell cryptocurrency on any Bitcoin ATM kiosk regardless of who runs the kiosk.
The Company will offer a fractional ownership program that will allow crypto ATM proprietary operators the opportunity to profit from the use of this future global ATM network.
BTZI is the founder of the world’s first Bitcoin ATM consortium or network, a blockchain-based computer network that will allow Bitcoin ATM customer wallets issued by a Bitcoin ATM operator who will be a member of the network to be used to perform Bitcoin ATM transactions via ATMs that they belong to another network operator. This is especially convenient when traveling overseas, where Bitcoin ATMs may be widely available. A network is a common way of providing the purchase or sale of cryptocurrency services that increase the value of the network by connecting many operators together. For example, the value of a cellular phone network to customers increases with the number of customers that can be reached through the global network. Likewise, Bitcoin ATM networks will connect Bitcoin ATMs in various locations, giving each operator’s customers greater access to their crypto accounts.
About BOTS, Inc.
Headquartered in San Juan, Puerto Rico, BOTS, Inc., a publicly traded OTC market innovator operating under the (BTZI) symbol – is a diversified company that develops and delivers blockchain and robotics solutions for its clientele. The Company is committed to driving the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. The management is dedicated to the strong growth of Distributed Asset Technology, Cyber Security and Robotic Process Automation (RPA).
Shareholders, prospective investors and others should note that we announce relevant financial events and information to our shareholders and the public using our website and social media addresses listed below, as well as in our SEC documents, press releases, public conference calls , and webcast. We also use social media to communicate with our subscribers and the public about our company, services and other issues. It is possible that the information we post on social media could be considered material information. Therefore, we encourage shareholders, the media and others interested in our company to review the information we post on the US social media channels listed below. This list may be updated from time to time.
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Bots, Inc. has appeared in the media nationwide, including CNBC, Bloomberg, TheStreet.com.
Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statements that are not directly related to historical or current facts. Actual results may differ materially from those indicated by such forward-looking statements due to various important factors that may be disclosed in the Company’s statements. In addition to these factors, actual future performance, results and results may differ materially due to more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions and changes in business public and government policies. Forward-looking statements included in this press release represent the views of the Company as of the date of this press release and these views may change. However, although the Company may decide to update these forward-looking statements in the future, the Company expressly disclaims any obligation to do so. These forward-looking statements should not be relied upon as they represent the views of the Company at any date after the date of the press release. Such forward-looking statements are risks detailed on the Company’s website and documents.
Contact:
Paul Rosenberg, CEO
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