RENO, NV, November 14, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Bullet Blockchain, Inc. (“BULT” or the “Company”) (OTCM: BULT), an advanced blockchain and Web 3.0 software and SaaS company, announced today that BULT has acquired a wholly owned subsidiary of BOTS. Inc., which holds the rights to U.S. Patent No. 9,135,787 – “Bitcoin kiosk/ATM, device and system integrating a registration protocol and a method of using it.” Known as “Bitcoin ATM”, this patent deals with buying and selling cryptocurrencies using a Bitcoin ATM or kiosk, giving customers the ability to buy Bitcoin or other cryptocurrencies using cash, debit or credit cards.
Many elements of intellectual property (IP) will be “basic standard claims”. The acquired intellectual property portfolio also includes a license agreement for US Patent No. 10,332,205 B1 (Bitcoin kiosk/ATM device and system and method of using them). The combined patents obtained by BULT are critical to the operation of Bitcoin ATM networks.
The acquisition of the Bitcoin ATM patent allows BULT to secure several coveted licensing agreements for the Bitcoin ATM industry. These licenses include Bitcoin ATM manufacturers and leading owner-operators. BULT also plans to introduce several licensing programs for Bitcoin ATM manufacturers, which will include a transaction license fee, a revenue share, or an owner-operator partnership program.
According to Coin ATM Radar, the US leads the world in the number of Bitcoin ATMs installed, with more than 34,119 reported across the country. (source: Coin ATM Radar: https://coinatmradar.com).
In addition, according to Coin ATM Radar, the top 10 operators use 26,192 crypto ATMs (77.3%) in the US. (source: Coin ATM Radar: https://coinatmradar.com/charts/top-operators/united-states/).
A recent research report was written by Grand View Research titled “Analysis Report on Crypto ATM Market Size, Share and Trends by Type (Single-sided, Double-sided), By Supply, By Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), By Application.” , By Region, And Segment Forecasts, 2022-2030″ states that “The global crypto ATM market is estimated to be worth $75.0M in 2021 and is expected to have a Compound Annual Growth Rate (CAGR) of 61.7% from 2022 to 2030. “. The research report states that “Crypto ATMs allow customers to transfer money abroad without the need to open a bank account, they also allow users to convert cryptocurrencies to fiat currency, and allow users to withdraw cash through ATMs. In addition, the legalization of cryptocurrencies in several countries is also one of the main factors driving the growth of the cryptocurrency ATM market.” (source: 2030 Global Crypto ATM Market Size and Share Analysis Report (grandviewresearch.com) )
BULT will continue its efforts to develop the first worldwide Bitcoin ATM network and consortium.
For travelers, this is especially convenient when traveling abroad, where Bitcoin ATMs may be more widely available. As a business function, by linking the operators together, the Bitcoin ATM network and the consortium will effectively provide buying and selling (crypto-friendly) services to end users in a much more efficient manner, which will drive value. For example, the value of a cellular phone network to customers increases as the number of customers that can be reached over the WAN increases. Similarly, Bitcoin ATM networks will seek to link Bitcoin ATMs in different locations, giving customers of each operator greater access to their crypto accounts.
For more information please visit www.BulletBlockchain.com
About Bullet Blockchain
Bullet Blockchain Inc. headquartered in Reno, Nevada – publicly traded on OTC markets under the symbol (BULT) – is a diversified software and SaaS company specializing in blockchain and Web 3.0 technologies. BULT is committed to driving the innovation needed to shape the future of digital and blockchain-related platforms through digital technologies and decentralized blockchain solutions. Management is focused on sustainable growth and shareholder value.
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