Posted 5 months ago | by @devadmin
An upstart Puerto Rico based blockchain and robotics company Bots Inc. claims it can demand roughly $14 million and $18 million in monthly royalties from Bitcoin ATM operators in the U.S., after acquiring a patent to Bitcoin ATM technology last month, Cointelegraph reported.
Bots Inc stated it is exploring legal prospects with “a major law firm” failing to name the office. In an effort to launch lawsuits against any firms operating Bitcoin ATMs across the United States.
Bots Inc apparently seeks to monopolize the Bitcoin ATM business, after the company acquired a patent for protocols that are relied upon for BTC ATM machines to function just two weeks ago.
Bots claims that its intellectual property for technology is needed for operating Bitcoin ATM networks, Bots’ chief executive Paul Rosenberg stated he is eying “per-transaction” royalties from Bitcoin ATM manufacturers.
“Per-transaction royalty payments will be negotiated for a several-year term. Some agreements, especially with the manufacturers, could cover previous years and/or a significant number of coming years,” Rosenberg said.
There are more than 9,400 Bitcoin ATMs installed across the United States Bots estimates that’s between 130 and 180 transactions to be processed monthly, Bots believes its patent will garner it a revenue of $14 million to $18 million dollars in monthly royalties.
Bots acquired the rights to U.S. Patent No. 9,135,787 B1 “Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same” on Oct. 29th through its subsidiary First Bitcoin Capital LLC. The patent was originally filed in 2014.
However, according to Cointelegraph, the patent was actually acquired by the subsidiary company much earlier in July 2019. Then it launched a campaign to secure up to $50 million in royalties by 2024, which has so far failed to obtain any revenue. This comes as Unfolded reports, that Bitcoin ATM installation has skyrocketed global up to 85% or 11,798, outpacing the previous year’s near 50% rise, according to data source Coin ATM Radar.
While in the U.S. alone there have been over 800 ATMs added in just October. The U.S. is leading cryptocurrency adoption, followed by Canada and Germany, as noted by Coin ATM Radar.
Bitcoin is currently trading at [FIAT: $15,716.78] UP +2.2% in the last 24 hours according to Coingecko at the time of this report.