Robocoin Video Offers First Look at Unreleased Banking and Remittance Platform

Robocoin has released a new YouTube video previewing its forthcoming bitcoin banking and remittance service.

AccessTimeIconAug 6, 2014 at 3:23 a.m. UTC
Updated Sep 11, 2021 at 11:02 a.m. UTC
robocoin, atms
robocoin, atms

Las Vegas-based bitcoin financial services provider Robocoin has released a new YouTube video that offers a first glimpse of its previously announced banking and remittance platform, Robocoin 2.0.

Revealed on 10th June, Robocoin 2.0 finds the bitcoin ATM manufacturer seeking to refine its user experience and broaden its market base in a bid to attract a more global, mainstream audience.

Robocoin CEO Jordan Kelley characterized the video as evidence that the company is following through on its promise to deliver a user-friendly product in line with these goals, telling CoinDesk:

"A lot of people call [Robocoin] the onramp to bitcoin. So, with that comes an enormous responsibility to get as many people to use bitcoin and make it as useful as possible."

The three-minute video demonstrates a number of Robocoin 2.0 features, including the platform's instantaneous bitcoin buying and selling capabilities,'s cross-platform money management features and its remittance capabilities.

indicated that while it is eager to share its latest work, the final product is not yet ready for the general public. The company said it is conducting internal testing, and that this phase will be followed by external penetration testing and migration to a high-security data center before the product finally reaches market.

Building a two-sided global network

Kelley went on to explain how Robocoin will leverage its existing services, including its ATM operator base, to support its larger goals.

Robocoin will offer two types of wallets, one for its customer checking accounts and another for its bitcoin ATM operators. In his remarks, Kelley explained how these two integral offerings will function together to provide benefits to both parties, saying:

"What we're doing is our operators are providing liquidity to our customers. They're selling bitcoin out of their bitcoin operator wallet, and because all we're doing now is an internal ledger change, we can now provide customers instantaneous access to bitcoin without having network confirmation."

Operators, Kelley continued, will be protected from speculation through its Robocoin Exchange Connector, an API that connects operators to sources of liquidity around the world.

Kelley added: "With that, operators can connect to Bitstamp, BitPay, Vault of Satoshi or Cointrader and after every single transaction, Robocoin will replenish their account from the exchange."

Equating security with familiarity

A pillar of the Robocoin 2.0 service, Kelley says, will be smaller improvements that aim to make Robocoin's service – and bitcoin – more user-friendly and secure across platforms, from its kiosks to its desktop and HTML5 wallet.

The video, for example, shows how Robocoin is personalizing its kiosk service with custom greetings at log-in. While a minor detail, the feature will serve to further emphasize the company's palm-vein scanning technology.


"Now, when a customer walks up to the machine, they go through our enrollment process, and that palm scan, it's not just a compliance feature, but it's a security feature," Kelly said. "It's the mark that nobody has access to your bitcoin except for you and that is ensured by your biometric authentication."

Also on display is Robocoin's improved web wallet and banking service, offerings it aims to bring to more novice bitcoin users by allowing them to deposit and send money overseas on-the-go and with ease.


Kelley concluded:

"We've been really focused on trying to cater to the 99.9% of people around the world who may be not as tech savvy, but at the same time, we still want to engage them in what bitcoin has to offer."

Robocoin aims to release the final product by the end of this summer.

Images via YouTube


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