Bullet Blockchain Completes Acquisition of IP Portfolio Consisting of Bitcoin ATM Patents; Will continue with licensing to industry
RENO, NV, Nov. 14, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Bullet Blockchain, Inc. (“BULT” or the “Company”), (OTCM: BULT), an advanced software development and SaaS company specializing in blockchain technologies and Web 3.0, announced today that BULT acquired a wholly owned subsidiary from BOTS Inc., which holds the rights to US Patent No. 9,135,787 – “Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same.” This patent, known as the “Bitcoin ATM patent”, relates to the purchase and sale of cryptocurrencies using a Bitcoin ATM or kiosk, allowing customers to purchase Bitcoin or other cryptocurrencies using cash, debit or credit cards.
Many elements of intellectual property (IP) will be “standard-essential requirements.” The acquired IP portfolio also includes a license agreement for US Patent No. 10,332,205 B1 (Bitcoin Kiosk/ATM Device and System and Method for Using Same). The combined patents acquired by BULT are essential for the functioning of the Bitcoin ATM network.
Acquiring the Bitcoin ATM patent allows BULT to pursue several coveted licensing agreements for the Bitcoin ATM industry. These licenses include the Bitcoin ATM manufacturers and top owner operators. BULT will also look to introduce more licensing programs for Bitcoin ATM manufacturers, which would include a license fee per transaction, revenue share or partner program with owner-operators.
According to Coin ATM Radar, the United States leads the world in the number of installed Bitcoin ATMs: reported to be over 34,119 nationwide. (source: Coin ATM Radar: https://coinatmradar.com).
Furthermore, according to Coin ATM Radar, the top 10 operators run 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 “Crypto ATM Market Size, Share & Trends Analysis Report By Type (One Way, Two Way), By Offering, By Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), By Application , By Region and Segment Forecasts, 2022 – 2030″ indicated that “the global crypto ATM market size was valued at USD 75.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 61.7% from 2022 to 2030. ” The research report indicates that “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 country is also one of the main factors that bodes well for the growth of the cryptocurrency ATM market.” (source: Global Crypto ATM Market Size & Share Analysis Report, 2030 (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 readily available. As a business function, by connecting operators together, a Bitcoin ATM network and consortium will effectively deliver buying and selling services (contributing to cryptocurrency) to end users much more efficiently, which will contribute to increased values. For example, the value of a mobile phone network to customers increases with the number of customers that can be reached via the global network. Similarly, Bitcoin ATM networks will seek to connect 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
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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