- Bitcoin Depot converts BTC ATMs into software-based devices
- Bullet Blockchain Acquires First Patent Licencing Agreement With US-Based BTC ATM Makers
Bitcoin Depot converts BTC ATMs into software-based devices
Cryptocurrency ATMs undergo a software transformation due to the vertical integration of Bitcoin Depot’s software and hardware, which eliminates the requirement for yearly proprietary software payments.
There has been a decrease in cryptocurrency ATMs built globally in the last few months for various reasons, including political concerns and declining profitability. To get around these issues, some service providers, notably Bitcoin Depot, have chosen to turn their actual Bitcoin ATMs into software.
All of Bitcoin Depot’s 7,000 cryptocurrency kiosks and ATMs have been upgraded to an operating system service provided by BitAccess, which Bitcoin Depot purchased in November 2022. This software change, which cost $885 million, enabled the corporation to do away with yearly software license fees and was a tactical step before its intended public offering with a SPAC.
By vertically integrating Bitcoin Depot’s software and hardware, the software conversion of the crypto ATMs removes the need for annual software licensing fees, which previously cost the company $3 million in yearly financial expenses.
BitAccess, a market leader from January till mid-2022, has seen a fall in overall ATM deployments beginning July 2022, according to statistics from Coin ATM Radar. The company consequently lost ground to Genesis Coin and Genesis Bytes, both of whom saw a market share gain and are presently in third place.
According to Jason Sacco, Vice President of Operations, the software conversion of Bitcoin Depot’s crypto ATMs aims to eliminate annual software licensing payments, which formerly accounted for $3 million in running yearly expenditures.
He added that the software conversion procedure was finished swiftly by substituting the original hard drive for one that had the BitAccess software preloaded. The conversion allowed the transfer to go smoothly without any technical issues that might arise during on-site software conversion initiatives.
Sacco also said that Bitcoin Depot converted the first 6,000 crypto ATMs’ software in approximately ten weeks. The general public has increased exposure to cryptocurrency as the number of crypto ATMs rises.
Also, Sacco mentioned that Bitcoin Depot finished the software conversion of the first 6,000 crypto ATMs in under two months and weeks. More people have access to cryptocurrency because of the growing number of crypto ATMs.
Bullet Blockchain Acquires First Patent Licencing Agreement With US-Based BTC ATM Makers
TekX Mining and Gaming PC Solutions LLC and Bullet Blockchain, Inc. (BULT), a software development and SaaS firm specializing in blockchain systems and Web 3.0 and the owner of the Bitcoin ATM patents, announced on February 27 that they have joined a Bitcoin ATM innovation partnership deal.
As per the agreement, TekX will use BULT’s patented Bitcoin ATM technology to offer engineering and production services. According to a recent statement from BULT, obtaining the Bitcoin ATM Patent enables them to move on with licensing deals and create new services for the Bitcoin ATM market.
A bitcoin ATM, often called a cryptocurrency ATM, is a self-service kiosk that enables users to buy or trade cryptocurrencies like Bitcoin using cash, credit cards, or debit cards at an automated teller machine.
Some of the primary characteristics of TekX’s Bitcoin ATMs are listed in the release, including:
- Two-way functionality: Users can purchase and sell bitcoin for cash using Bitcoin ATMs.
- Customized kiosks: TekX will produce Bitcoin ATM kiosks with Bullet Blockchain’s unique technology.
- 5-year warranty: There will be a 5-year warranty included with each Bitcoin ATM kiosk.
- The kiosks will be produced in the United States: Manufactured in the USA.