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 Bitcoin ATM technology licensing agreement with TekX Mining and Gaming PC Solutions LLC. (“TekX”), a division of BOTS Inc. (OTC:BTZI) in which TekX will provide manufacturing and engineering services utilizing BULT’s patented Bitcoin ATM technology. As previously announced, acquiring the Bitcoin ATM Patent allows BULT to proceed with licensing agreements and develop new services for the Bitcoin ATM industry.
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Bitcoin ATMs or crypto ATMs are kiosks that allow people to purchase Bitcoin and other cryptocurrencies by using cash, debit or credit cards through an automated teller machine or “ATM.” The TekX Bitcoin ATMs will allow two-way functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash.
BULT’s patented technology will be incorporated in all Bitcoin ATM kiosks that will be manufactured by TekX. Highlights of the TekX Bitcoin ATMs include:
- All of TekX’s customized Bitcoin ATM kiosks will be manufactured in the United States.
- All Kiosks will 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 produced and sold. “We are happy to advance Bullet Blockchain Bitcoin ATM patented technology into kiosks for mass production,” commented TekX management.
According to Coin ATM Radar, there were nearly 33,000 Bitcoin ATMs in the United States as of the time of this release. The TekX agreement will further 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 US are imported from other countries; for example, Czech company General Bytes sold thousands of their machines to operators operating in US. Through Coinme, bitcoin can be exchanged in the United States for local currency at ATMs located in select MoneyGram locations and Coinstar machines. BULT will develop its own network of licensed Bitcoin ATM kiosks.
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According to CoinATMRadar.com: The clear advantage of using a bitcoin ATM vs. online exchanges is verification time (exchanges usually take longer when you register for the first time). Another advantage of bitcoin machines is ability to purchase BTC much more easily and quickly as you deal with cash exchanged to bitcoins (immediately), comparing to sending a wire transfer to exchange first and then waiting for it to get received and credited to your exchange account before you can trade. (source: Coin ATM Radar: https://coinatmradar.com). So, Bitcoin ATMs have their own usage 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 into fiat currency and allows for cash withdrawal through ATM machines. Furthermore, the legalization of cryptocurrency across several countries is also one of the major factors that bode well with the growth of the cryptocurrency ATM market. The increasing installation of crypto ATMs across the globe is also one of the major factors anticipated to propel the growth of the crypto ATM market over the forecast period. For instance, as of September 2022, according to Coin ATM Radar, a bitcoin ATM map, around 602 crypto ATM operators have installed nearly 38,609 ATMs across 78 countries. (source: Global Crypto ATM Market Size & Share Analysis Report, 2030 (grandviewresearch.com ) Moreover, several governments worldwide are involved in installing crypto ATMs in public places. For instance, in November 2021, the City of Williston installed the first crypto ATM at Williston Basin International Airport (XWA).
Venture capital firms worldwide are heavily investing in crypto ATM companies to enable these companies to enhance the crypto ATM network. The growing popularity of cryptocurrencies across the globe is also expected to drive market growth over the forecast period.
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