Bullet Blockchain, Inc. (BULT), a software development and SaaS company that specializes, has announced that it has gotten a Bitcoin ATM tech licensing agreement with TekX mining and Gaming PC Solutions. The agreement with TechX would see the company provide engineering and manufacturing services for using Bult’s patent for Bitcoin ATM technology. TekX is a blockchain and Web3 subsidiary of BOTS Inc. The company owns its own Bitcoin ATM patents.
The license acquired by BULT would enable the company to develop new products for the BTC ATM industry. Bitcoin ATMs are automated teller machines that allow people to buy and sometimes sell bitcoins using their debit or credit cards. A February 28 press release from the company said that the TekX crypto ATM will support two-way functionality of buying bitcoin and selling it for cash.
Features of TekX’s crypto ATMs
The report specified that the patented technology by BULT will be featured in the Bitcoin ATM kiosks that have been proposed to be built by TekX. Some of the things that we know about these ATMs are that they will be built in the United States, and each of them comes with a 5-year warranty.
Some of the terms of the agreement between BULT and TekX are that the latter would pay royalties to the former on each Bitcoin ATM that it builds and sells.
“We are happy to advance Bullet Blockchain Bitcoin ATM patented technology into kiosks for mass production,” TekX management said.
A network of Bitcoin ATMs
CoinATMRadar data shows that there are currently over 33,000 Bitcoin ATMs in the United States. The new deal with TekX would see the number rise even further as the production of the ATMs is stepped up. Some of the ATMs used in the United States are imported. Among the prominent brands seen in the country is General Bytes, made by a Czech company.
Coinme enables users of Coinstar Bitcoin ATMs to exchange them for cash through a collaboration with MoneyGram. The vision of BULT is to build and install its own network of licensed Bitcoin ATM kiosks.
More convenient use
CoinATMRadar.com said that the merit of Bitcoin ATMs as an exchange platform for cryptocurrencies is the quick KYC system. Verification at online exchanges takes longer. This is especially of concern to first-time users. Another advantage is the speed and ease of the transaction. Cash is quickly exchanged to Bitcoin or vice versa instead of sending a wire transfer and waiting for confirmation.
The global crypto ATM market’s valuation was $116 million in 2022. From 2023–2030, it is expected to grow at a compounding rate of 62.5%.