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Bots Inc, a Puerto Rico-based blockchain and robotics company, is exploring options with “a major law firm” to initiate litigation against companies that operate bitcoin ATMs in the United States.
According to cryptocurrency news site Coin Telegraph, the “emerging blockchain company” could claim between US $ 14 million and US $ 18 million in monthly revenue thanks to last month’s acquisition of a patent on the bitcoin ATM technology.
The bots have acquired the rights to U.S. Pat. 9,135,787 B1 “Bitcoin ATM / kiosk device and registration protocol and usage method integration system” on October 29 through its subsidiary First Bitcoin Capital. The patent was filed in 2014.
It covers protocols that support the operation of bitcoin ATMs, with bots believing this makes it eligible for “per transaction” royalties on ATMs using the technology, the store wrote, citing comments from Bots CEO Paul Rosenberg.
“The royalty payments per transaction will be negotiated over a period of several years,” Rosenberg said. “Some deals, especially with producers, could cover previous years and / or a significant number of years ahead.”
With a potential impact on more than 9,400 bitcoin ATMs installed in the United States that are estimated to process between 130 and 180 transactions per month, Bots believes the patent entitles the company to royalties, although judges will determine whether this figure is open to trading and / or determine if the underlying protocols are critical as Bots claims.
The robots hopes to “reach an amicable settlement without litigation” with US ATM operators, saying they “will offer those operators to join a consortium of bitcoin ATMs.”
Imprint of Bitcoin ATMs
Interest in bitcoin ATMs has increased in Latin America in recent years, roughly doubling in the last year to 11,867 worldwide and reaching Latin America to Venezuela, where ATMs are in short supply. In some territories, even incumbent banks such as BBVA and Citibanamex have been working to expand functionality to enable the legal purchase of cryptocurrencies.
According to monitoring site CoinATM Radar, the United States continues to be the country with the largest number of bitcoin ATMs in the world, with approximately 9,650 units in November. Canada follows with 921 units.
In Latin America and the Caribbean (LAC), Colombia tops the list with 60 ATMs (ranking 10th in the world). Panama is second with 18 ATMs and third Dominican Republic with 16.
Argentina follows with 13 bitcoin ATMs, Mexico 10 and Puerto Rico eight. The Bahamas, Peru, and Chile have three units each, and Costa Rica has two.
To complete the list, Aruba, Anguilla, Barbados, Brazil, Ecuador, El Salvador, Saint Kitts and Nevis, and Venezuela each have a location.
Next generation ATM
In other ATM news, NorthStar Technologies, a division of Ranger American, has entered into an agreement with Hyosung America, a leading global manufacturer and development of next-generation ATM technology, to become an authorized vendor of its products to financial institutions in Porto. Rico and the US Virgin Islands.
This agreement brings together the resources of two leading ATM companies and offers customers in both jurisdictions opportunities for growth through the use of advanced technologies that improve their customer service.
“Hyosung’s strategy is to partner with the best technology and service providers who enjoy an exceptional reputation in the local business community,” said El Nuevo Día newspaper, citing Andrew Ryan, Hyosung’s VP for sales channel. dealers.
Next-generation technology involves automating a wide range of branch operations to be performed on ATMs, reducing the need for most customers to access branch offices and allowing branch employees to shift their focus on customer service.
“Here in Puerto Rico, we are beginning to see that some local institutions are also aiming to adopt these changes,” said El Nuevo Día, said Isaac Wechter, Ranger American vice president for business development. “NorthStar is at the forefront of services to advance this transformation.”
