Reno, NV, Feb. 27, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Bullet Blockchain, Inc. (“BULT” or the “Company”), (OTC: BULT), an emerging software development and SaaS company, specializing in blockchain technologies and Web 3.0 and owner of Bitcoin ATM patents, announced today that BULT has reached a licensing agreement for Bitcoin ATM technology with TekX Mining and Gaming PC Solutions LLC. (“TekX”), a division of BOTS Inc. (OTC:BTZI) where TekX will provide manufacturing and engineering services using BULT’s patented Bitcoin ATM technology. As previously announcedby acquiring the Bitcoin ATM patent, BULT can continue with licensing agreements and develop new services for the Bitcoin ATM industry.
Bitcoin ATMs or crypto-ATMs are kiosks that allow people to buy Bitcoin and other cryptocurrencies using cash, debit or credit cards through a machine or “ATM”. TekX Bitcoin ATMs will allow two-way functionality enabling both the purchase of Bitcoin and the sale of Bitcoin for cash.
BULT’s patented technology will be incorporated into all Bitcoin ATM kiosks that will be manufactured by TekX. Highlights of TekX Bitcoin ATMs include:
- All of TekX’s custom Bitcoin ATM kiosks will be manufactured in the United States.
- All kiosks come with a 5-year warranty.
Upon execution of the patent license agreement, TekX will be obligated to pay a royalty fee to BULT for each Bitcoin ATM manufactured and sold. “We are excited to advance the Bullet Blockchain Bitcoin ATM patented technology to kiosks for mass production,” commented TekX management.
According to Coin ATM Radar, there were nearly 33,000 Bitcoin ATMs in the United States at the time of this publication. The TekX deal will advance the production of Bitcoin ATM kiosks for a Bullet ATM network to include other crypto-ATM operators in the United States.
Some Bitcoin ATMs operating in the United States are imported from other countries; for example, the Czech company General Bytes sold thousands of its machines to operators operating in the United States. Through Coinme, bitcoin can be exchanged in the US for local currency at ATMs at selected MoneyGram locations and Coinstar machines. BULT will develop its own network of licensed Bitcoin ATM kiosks.
According to CoinATMRadar.com: The clear advantage of using a bitcoin ATM vs. online exchanges are confirmation time (exchange usually takes longer when you register for the first time). Another advantage of bitcoin machines is the ability to buy BTC much easier and faster when handling cash exchanged for bitcoins (instantly), compared to sending a bank transfer to the exchange first and then waiting for it to be received and credited to your exchange account before you can shop. (source: Coin ATM Radar: https://coinatmradar.com). So, Bitcoin ATMs have their own uses and customers’ niche.
A recent research report was written by Grand View Research indicating that the global crypto ATM market size was valued at USD 116.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. The growth of the market can be attributed to the lucrative benefits offered by crypto ATMs. Crypto ATMs allow customers to transfer money abroad without the need for a bank account; it also enables users to convert cryptocurrency to fiat currency and allows for cash withdrawals through ATMs. Furthermore, legalization of cryptocurrency across multiple countries is also one of the most important factors that bodes well for the growth of the cryptocurrency ATM market. The increasing installation of crypto-ATMs worldwide is also one of the major factors expected to propel the growth of the crypto-ATM market during the forecast period. For example, as of September 2022, according to Coin ATM Radar, a bitcoin ATM map, around 602 crypto-ATM operators have installed nearly 38,609 ATMs in 78 countries. (source: Global Crypto ATM Market Size & Share Analysis Report, 2030 (grandviewresearch.com ) Moreover, several governments around the world are involved in installing crypto-ATMs in public places. For example, in November 2021, the City of Williston installed the first crypto ATM at Williston Basin International Airport (XWA).
Venture capital firms worldwide are investing heavily in crypto-ATM companies to enable these companies to improve the crypto-ATM network. The increasing popularity of cryptocurrencies across the globe is also expected to drive market growth over the forecast period.
For more information, please visit www.BulletBlockchain.com
About Bullet Blockchain
Headquartered in Reno, Nevada, Bullet Blockchain Inc. – traded on the OTC Markets under the symbol (BULT) – is a diversified software development and SaaS company specializing in blockchain technologies and Web 3.0. BULT is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to strong growth and increasing shareholder value.
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