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

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


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