The IP Portfolio Consisting of Bitcoin ATM Patents; Will Proceed With Licensing to the 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 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.
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.
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.
According to Coin ATM Radar, the US 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 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.” (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 widely available. As a business function, by linking operators together, a Bitcoin ATM network and the consortium will effectively deliver buying and selling services (conducive to cryptocurrency) to end users much more efficiently, which would contribute to increased values. For example, the value of a cellular telephone network to customers increases with the number of customers that can be reached via the global network. Similarly, Bitcoin ATM networks will seek to link together Bitcoin ATMs in various locations, giving the customers of each operator greater access to their crypto accounts.
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About Bullet Blockchain
Headquartered in Reno, Nevada, Bullet Blockchain Inc. – stock is publicly 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 the shareholders’ value.
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