Nevada-based Robocoin announced today the launch of their Robocoin Wallet product, they’ve been teasing since earlier this year (this was labeled Robocoin Bank earlier this year).
It’s the only bitcoin wallet with a global kiosk network behind it, making use of Robocoin-manufactured ATM systems distributed around the world. These are the only ATMs that allow the creation of bitcoin accounts, and consumers are able to both buy and sell the digital currency, in addition to storing and sending to others.
“It’s better than a Bitcoin ATM. It’s better than a Bitcoin Wallet. By combining the best of both, we’re creating Bitcoin’s killer app for global remittance, the underbanked, and beyond,” says company CEO Jordan Kelley. “In this case, 1+1=20. We’re unleashing the power of Bitcoin.”
The initial roll-out of the Wallet product begins at the Robocoin installation in Mountain View, California. Later this week, Robocoin Wallet will be available at installations in Las Vegas, NV, and Los Angeles, California.
In a few weeks, the service will be available to all other Robocoin kiosks around the world and at Robocoin.com (right now, account management is available for enrolled customers here).
Helping the underbanked
Robocoin’s big thing is that their wallet product is helps people in a couple of ways. For starters, it reduces the barriers of getting involved with bitcoin by allowing users to establish a bitcoin wallet right from which ever kiosk they are using. By inserting cash, they’ve just purchased bitcoins to fund that wallet with, too.
Secondly, the network allows users to send money easily to other individuals around the world. Think of the kiosks as automated Western Unions — except bitcoin is what’s being transferred. And if the recipient chooses to convert to their local currency, the kiosk allows them to do so easily.
Overall, a very cool program. And on the business side, it’s a very creative way for Robocoin to continue their business in an ever-developing industry. Especially with so many bitcoin ATM manufacturers with their skin in the game, it’s a sure way to set themselves apart from the competition.