- Bullet Blockchain Inc. with TekX Mining and Gaming PC Solutions LLC agree on the first Patent License Agreement (PLA).
- BULT will now be developing new services for Bitcoin ATM Industry.
- BULT’s patented Bitcoin ATM will now be used by TekX to disperse manufacturing and engineering services.
Identical to any automated teller machine more commonly known as ATM, Bitcoin ATMs are used to disperse currency. In Bitcoin ATMs or Crypto ATMs, one can purchase Bitcoin or any other cryptocurrency of their choice in exchange for cash or by using Debit cards. One can also sell bitcoins using Bitcoin ATM Kiosks.
Current Status of Bitcoin ATMs: USA
At present, the number of Bitcoin or Crypto ATMs in the USA is estimated to be around 33,000. However, the country is home to more than 34 Million crypto users, accounting for up to 8.3% of the population. The USA majorly imports Bitcoin ATMs from other companies such as General Bytes from the Czech Republic. It is still an unorganized market for Bitcoin ATMs in the US as such ATMs are available in certain locations making accessibility a challenge for Crypto Users.
Prompt advantages accompanying Bitcoin ATMs
There are some remarkable advantages of using Bitcoin ATMs, especially in the USA. Bitcoin or Crypto Currency, when traded online, takes a longer time as one has to go through verification and registration. On the other hand, using Bitcoin ATMs is faster for transactions. This is mainly because while using Bitcoin ATMs, one does not have to proceed with a wire transfer first. It is quicker as one deals with cash to exchange bitcoins. It is also advantageous because a Bitcoin ATM has a standardized functioning which is user-friendly and easy to process.
Sizing the Bitcoin ATM Market
A recent study calculates the current crypto ATM market to a value of USD 116.7 MIllion. It’s mostly expected to swell up to 62.5% by 2030. With more partnerships like that of BULT and TekX, the number is expected to only grow exponentially every year. Economies and diplomacies worldwide are moving towards further legalizing Cryptocurrencies which will lead to accessibility demands. As of September 2022, more than 600 Crypto ATM providers have installed around 38,000 ATMs in 78 Countries.
With the growing demand for crypto ATMs amongst enthusiasts globally, the Crypto ATM market is also attracting huge investments. This can be very helpful in dealing with the ease of access challenge and will also promote the adoption of cryptocurrencies worldwide.
This move by Bullet Blockchain Inc. of acquiring a PLA which will be obliged by TekX can be the next thoughtful step towards incentivizing cryptocurrency. By including the monetary factor of this move, BULT might just be looking at massive lucrative profits just about now but a long term use will surely paint a clearer picture. It does, however, make for a competitive move on a global platform for cryptocurrencies.