Bullet Blockchain, Inc. 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 U.S. Patent No. 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 the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk, giving customers the ability to purchase Bitcoin or other cryptocurrencies using cash, debit cards, or credit cards.
Read: Lets Understand Crypto In A Laymans Language
Many elements of intellectual property (IP) will be “standard-essential claims.” The acquired IP portfolio also includes a licensing agreement for U.S Patent No. 10,332,205 B1 (Bitcoin kiosk/ATM device and system and method of using the same). The combined patents acquired by BULT are critical for Bitcoin ATM networks to operate.
Read more: Robotics And Artificial Intelligence
Acquiring the Bitcoin ATM Patent allows BULT to proceed with several coveted licensing agreements for the Bitcoin ATM industry. These licenses include the manufacturers of Bitcoin ATMs and top owner-operators. BULT will also look to introduce several licensing programs for Bitcoin ATM manufacturers, which will include a per-transaction licensing fee, revenue share, or partner program with owner-operators.
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 into fiat currency and allows for cash withdrawal through ATM machines.
Read : Cybersecurity Timeline and Trends You Should Know before Planning for 2023
