Former ATM Maker Robocoin Ends Bitcoin Services

Romit, the remittance service that began as bitcoin ATM developer Robocoin, has said that it is shutting down its bitcoin services.

AccessTimeIconJan 15, 2016 at 10:07 p.m. UTC
Updated Sep 11, 2021 at 12:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Romit, the remittance service that began as bitcoin ATM developer Robocoin, has said that it is shutting down its bitcoin services.

The company told customers today that it was suspending its bitcoin-related services and encouraged customers to begin withdrawing their funds. Romit, which offers a wallet service aimed at global remittance payments, plans to formally end its bitcoin services on 15th February, according to text messages sent to users.

When reached for comment, Romit provided CoinDesk with an email announcing the move, stating:

"We are discontinuing bitcoin services from our product offering. Please withdraw your bitcoin immediately by logging into your wallet."

The email said that withdrawals "may take some time" due to elevated website traffic.

The service suspension comes months after Romit shifted away from a bitcoin ATM hardware business model to software and remittances. Romit’s website suggests that the company is moving toward traditional payments, offering card storage services for mobile payments users.

As Robocoin, the firm was one of the first entrants in the bitcoin ATM space, a position that eroded amid criticism from operators about hardware and software issues, as well as allegations that refunds were being purposefully withheld. The controversy ultimately prompted some Robocoin operators to shift to other hardware and software providers.

Romit did not immediately respond to queries regarding the motivation behind the service shutdown or why the move is taking place at this time.

Image via Robocoin

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about