Robocoin, a Bitcoin based company in Las Vegas, Nevada, has announced that they will be launching a new project called Robocoin Bank. The new project will take all existing Robocoin ATMs and turn them into banking branches. Through software updates, they plan to add features that allow users to bank using Bitcoin. Robocoin is offering the chance to start your own branch of Robocoin Bank by purchasing and operating one of these Robocoin Kiosks. Robocoin Banking functionality should be fully online starting summer of 2014.
[dropcap size=small]T[/dropcap]he new features will allow users to open a Robocoin Bank account in less than five minutes and have access to features such as instant confirmations, bank in multiple currencies, and send money to other people with just their phone number required (even if they do not have an account setup with Robocoin Banking yet). Robocoin ATMs are currently available in 13 different countries and offer users the opportunity to exchange Bitcoin into fiat currencies, and vice versa, without the need of an online exchange.
Robocoin ATMs are secure with multiple layers of verification to ensure user security. According to Robocoin, the security is as follows:
Three factors of authentication – phone, PIN, and palm-vein – secure customer accounts against theft and fraud.
Robocoin Banking is adding new features to expand the potential of Bitcoin becoming more mainstream. They will include a new system which will have cryptographic provable reserves and make the system similar to modern banking infrastructure. Robocoin Banking kiosks can be purchased for $20,000 and setup in any area. Robocoin kiosks are FINCen compliant, and operators of the ATMs will also need to follow all regulatory rules that accompany owning and operating the kiosks.
Robocoin announced their first California kiosk earlier this march. Robocoin will be rebranding many of their previous products and services to better suit the announcement of Robocoin Banking. Users will no longer “buy” or “sell” Bitcoin; instead, they will now make withdrawals and deposits in both Bitcoin and Fiat currency. The accounts are compatible at any branch of Robocoin, meaning your handprint will be recognized by kiosks in other locations and countries.
Robocoin is a leading company in the Bitcoin kiosk industry and has attracted quite a lot of attention at conventions and startup meetings. Robocoin launched the first bidirectional Bitcoin ATM in Canada last year and has launched more worldwide since then. All of which will be converted to Robocoin Banking branches later this summer.
Robocoin’s innovative changes continue to be a pushing factor expanding Bitcoin into the everyday lives of people around the world. Having the ability to instantly deposit or withdraw currencies or Bitcoin from the banking branches further expands the versatility of Bitcoin and strengthens the cryptocurrency. Robocoin Banking will feature online banking and allow users to manage their funds on a computer or tablet. All of the expansions and new Banking infrastructure are scheduled to be available this summer for users around the world. The kiosks are currently in thirteen countries, however; it is likely more will be setup with Robocoin’s affiliate program that allows investors to share in the revenue.