Robocoin to Rebrand Bitcoin ATMs as Online Bank Branches

Pete Rizzo
May 1, 2014 at 18:57 UTC
Updated Oct 2, 2014 at 10:56 UTC

Las Vegas, Nevada-based bitcoin ATM manufacturer Robocoin has announced it will soon launch Robocoin Bank, a new project that will find its physical bitcoin ATMs becoming Robocoin Bank branches that integrate online banking features.

Robocoin indicates that Robocoin Bank will incorporate new features such as cryptographic provable reserves, instant bitcoin-to-cash withdrawals and the ability to send cash internationally as part of an effort to build what it calls “banking and remittance 2.0”.

Jordan Kelley, CEO of Robocoin, told CoinDesk that the new service brings the company closer to its original goal of making bitcoin more user-friendly for mass-market consumers and the underbanked, adding:

“We realized very quickly that we needed to build an online bank. That way our customers don’t have to worry about private keys anymore.”

Bitcoin as a backbone

By adding functionality and terminology that is similar to an existing service, online banking, Kelley noted that he hopes to remove the complexity and pain points associated with bitcoin transactions, instead using the technology as a backbone for more traditional financial services:

“The idea that bitcoin is going to be this big game-changer for remittance is absolutely factual, however, thinking that a Mexican immigrant is going to be sending bitcoin back to his family is really far-fetched.”

Kelley indicated users will now be able to send both bitcoin and fiat currency to recipients using any Robocoin branch. After money is sent, recipients will receive an SMS confirming the transaction and can then withdraw the funds at a local machine.

Operators, Kelley said, will gain increased information about their customers, as they will now know where money is being sent via their machines.

ATMs rebranded

With the launch Robocoin is also rebranding a number of its existing services. For example, Robocoin Kiosks will now be referred to by the company as Robocoin Bank Branches.

The company is also updating the terminology related to how consumers interact with its devices to bring clarity to its service changes. Robocoin noted that consumers will no longer ‘buy’ and ‘sell’ bitcoins on the service, but rather deposit and withdraw bitcoin or fiat currency.

Further, customer public bitcoin addresses will now be referred to as Robocoin accounts, where customers store and access their wealth using a combination of their phone number, PIN number and biometric identification, explained Kelley, adding.

“The phone is now acting as the username, the PIN that customers create is the first part of the password and their palm is password part two. My bitcoin is now accessible from the online banking portal or any ATM around the world.”

About Robocoin

The company is one of several in an increasingly competitive marketplace which includes Lamassau, both of which recently launched ATMs operating in London.

Robocoin has also run into its share of problems. Most notably, Taiwan’s Financial Supervisor Commission moved to block its efforts to launch ATMs in that country, saying that the required authorization would not be granted if requested by the company.

For more information on the new service, visit the company’s website here.

Image via Robocoin

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