Robocoin 2.0: New Products, Platform, and Pricing

Jayanand Sagar | June 10, 2014 | 8:21 am

Robocoin 2.0: New Products, Platform, and Pricing

Jayanand Sagar | June 10, 2014 | 8:21 am

Some news coming our way this morning from Las Vegas, Nevada-based Robocoin.

The company has announced an almost brand-new start on a couple of fronts, as the company aims to better penetrate the bitcoin remittences market.

First thing: the Robocoin Classic — the company’s first ATM system — is getting a price drop of $5,000. That means operators can now pick one up for $15,000.

Some would argue that’s still expensive, but hey, it’s a price drop.

Robocoin Recyclers

The company took the opportunity this morning to introduce a family of Recycler systems, which according to Robocoin is “built to dispense the cash they accept, thereby dramatically reducing the need for cash logistics while improving the customer experience with faster cash-in and cash-out.”

The first of the recycler systems is the Robocoin Recycler (aptly named). This unit with turn cash-in and cash-out very quickly.

$2,000 worth of fiat will become $2,000 with of bitcoin in a matter of ten seconds or less. It’s 20-note batch acceptor means it doesn’t have to be fed note-by-note, accepting two bills per second and dispensing at a rate of 1.6 notes per second.

The unit can hold 1,900 notes, and recycles 400 with four different denominations.

It’ll run operators a cool $20,000.

The second option is the Robocoin Recycler Max. This particular unit can turn $10,000 USD into $10,000 worth of bitcoin in — wait for it — thirteen seconds or less.

With it’s 100-note batch acceptor, it can accept and dispense at eight bills per second. It can hold 8,300 notes and can recycle 6,000 with three denominations — making it the most premium offering of a bitcoin ATM globally.

Total cost? $35,000.

Robocoin Banking/Remittance

Beginning today, the company says, every Robocoin machine purchases will be shipping with the ‘Robocoin Platform’.

Robocoin Accounts will replace the need to download digital wallets and manage private keys, and ‘Robocoin Remittences’ will let users send bitcoin to any phone number or email address they choose (redeemable anywhere a Robocoin branch can be found). The platform also allows for account management, if you were wondering.

There will also be the option for instant buying of bitcoin, as well as instant selling.

What this means is that there won’t be any more 10 minute confirmations when conducting a transaction — something many users complained about previously.

Robocoin will even allow the customer to lock in an exchange rate to a specific kiosk right from the Robocoin website.

All of the customer bitcoins are stored in the Robocoin Wallet, which has been built on multi-signature architecture with 100 percent provable reserves — and yes, offline storage.

“The Robocoin Platform truly unlocks Bitcoin’s potential while making Robocoin Operators unbeatable,” worte Robocoin CEO Jordan Kelley. “Together, we’re not just creating the best customer experience in Bitcoin – we’re creating the best customer experience in financial services. Our goal is to make storing and sending money faster, friendlier, cheaper and easier than any other company in the world.”

We are working on getting images of the new recyclers.

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