Robocoin Launches Custom Bitcoin Wallet Targeting Underbanked

Robocoin

has announced the launch of a custom bitcoin wallet for consumers called the Robocoin Wallet.

The move finds the Las Vegas-based bitcoin services company in the midst of its ongoing evolution away from the bitcoin vending machines that dominate the bitcoin ATM market and toward a global remittance and bitcoin banking platform it calls "Robocoin 2.0", first announced in June.

Speaking to CoinDesk, Robocoin CEO Jordan Kelley indicated that the Robocoin Wallet will allow the company to bring more of the essential services for its planned bitcoin banking and remittance network under its direct supervision – a step that will be key in helping the company ensure its service remains as user-friendly as possible.

Kelley said:

Kelley indicated that the wallet is essential to creating a harmonious experience for Robocoin users across its web and mobile platforms.

Kelley explained that the principal selling point unique to the new product is the ability for wallet users to instantly convert bitcoins to cash at its locations around the globe:

Robocoin's wallet will be initially available to all of the company's existing users, who can sign up on the company's website. New customers can sign up from Tuesday at the company's 'Robocoin Branch' (ATM) locations in Los Angeles, Mountain View and Las Vegas, and soon after at branches worldwide.

The new product is part of a broader move by the company to use its Robocoin ATMs as an onramp to the digital currency ecosystem. As such, Kelley told CoinDesk that it is looking to develop a suite of in-house solutions that free it from third-party relationships that have in the past created operational difficulties.

Kelley described early interactions between customers and bitcoin ATM operators as falling short of the intended user experience, as operators struggled to explain transaction delays from major exchanges to new users.

He recalled:

By delivering a wallet secured by two-factor authentication and with SMS money-sending capabilities, the company now aims to improve the wallet experience as well, as customers will no longer need to protect their private keys or navigate complex addresses.

In addition to its consumer wallets, Robocoin kiosks will also be powered by the company's previously announced operator wallets, which use an API to automatically replenish funds purchased from exchanges.

Kelley also discussed the progress his company has made in the months since first announcing its ambitions to pivot toward positioning itself as more than a bitcoin ATM operator and service provider.

Notably, Kelley suggested that, despite his company's aspirations, he believes capitalizing on his company's vision for a global remittance network is still far off.

However, he believes Robocoin has the tools to capture this market, saying:

Kelley concluded by reiterating his belief that Robocoin will one day be able to make more effective commerce possible for the millions of underbanked consumers around the world, and that the firm remains committed to capturing this market segment.

Images via Robocoin