Robocoin Bank, Will Convert Bitcoin ATMs inLocal Branches

Jayanand Sagar | May 1, 2014 | 1:31 pm

Robocoin Bank, Will Convert Bitcoin ATMs inLocal Branches

Jayanand Sagar | May 1, 2014 | 1:31 pm

Las Vegas-based bitcoin ATM manufacturer Robocoin announced Thursday that they’re taking their business in a whole new direction with the introduction of the Robocoin Bank — effectively becoming the world’s first bitcoin bank.

“The world’s newest global bank represents an evolution in Bitcoin and a potential disruption to the massive remittance industry. The Robocoin Bank is Robocoin’s vision for creating the best experience in all of Bitcoin and unleashing it for the masses,” the company said in their announcement.

The move is huge and unexpected, and affirms the company’s desire to become a leader in the bitcoin remittence space.

Since the company operates an army of bitcoin ATMs around the world, existing kiosks (the latest of which launches today in Seattle, Washington) will become Robocoin Bank local branches, which will be integrated with the company’s online banking services (where customers can manage their accounts).

“This will enable customers to manage their bitcoin easier and more securely than ever before,” the company said.

Robocoin Screen LG Bank

The aforementioned slew of Robocoin-manufactured bitcoin ATMs will get updated to work with the company’s banking service this summer.

Customers will be able to store, access, and send bitcoins to wherever a Robocoin ATM is located (almost serving like a mini Western Union, when you think about it). That money can then be converted immediately to cash if the recipient so desires. The sender can make this happen with their phone, a PIN, and their palm scan.

Bitcoins can be sent to phone numbers, so senders needn’t worry about addresses and QR codes. Also impressive: Bitcoins sent on the Robocoin network are transferred immediately, so there’s no need to wait for long confirmation times.

Three levels of authentication work in concert to safeguard a customer against fraud/theft (this includes a biometric palm vein scan). According to Robocoin, “Customers can opt into accounts that are either managed or unmanaged by Robocoin – with features from 100% cryptographic proveable reserves to unmanaged multisignature transactions.”

Key things to take away from the announcement (as noted by Robocoin):

  1. Robocoin Kiosks become Robocoin Bank Branches.
  2. Buying and Selling become Depositing and Withdrawing.
  3. Sending bitcoin to a public address becomes sending money to a phone number.
  4. Private keys and public addresses become Robocoin accounts–store and access your wealth with just your phone number, pin number, and palm scan.

“The Robocoin Bank has been a vision since day [one],” said a company spokesperson to NEWSBTC. “We hope to alleviate Bitcoin’s major pain points and barriers to adoption.”

“The goal has always been to bring Bitcoin to everyone and the Robocoin Bank is a leap in that direction.”

Robocoin Bank may very well be capable of changing the bitcoin remittence landscape, particularly for those who send money to family and friends internationally. Is this the future of bitcoin as we know it? You decide.

Users can get more information about Robocoin’s new banking service at roboco.in.

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