Former Venezuelan Gold Mining Firm Needs to Centralize Bitcoin ATM Infrastructure

First Bitcoin Capital Corp. desires to unite the suppliers of bitcoin ATMs all over the world.

His plan: hyperlink 1000’s of ATMs run by dozens of typically small-time operators with a complete know-your-customer, transaction monitoring and regulatory compliance answer that streamlines each facet of the back-end enterprise.

“We wish to create a consortium of bitcoin ATM operators and put them on the worldwide ATM community,” Rubin mentioned. He mentioned the consortium will roll out this 12 months.

First Bitcoin’s community hinges on its just lately acquired 2015 patent. U.S. 9,135,787 B1, in any other case often known as “Bitcoin Kiosk/ATM Gadget and System Integrating Enrollment Protocol and Methodology of Utilizing the Identical,” got here below First Bitcoin’s management final summer time in alternate for 1.6 million shares, in keeping with the SEC filing. 

Rubin insisted the patent is greater than a authorized bludgeon. He mentioned he has no want to turn into a patent troll, referring to these those that scoop up mental property rights after which sue infringers, typically frivolously, searching for compensation and damages.

“We don’t wish to ship two massive Italian guys with baseball bats” to implement the patent, Rubin mentioned.

As an alternative, First Bitcoin will use the patent to make inroads amongst operators. Rubin mentioned the connection will likely be mutually useful: First Bitcoin will cost a flat transaction payment similar to ATM charges, and operators will meet native compliance and regulatory burdens by way of its community.

Rubin mentioned small-time operators stand to achieve essentially the most from this globalized community

“You can’t proceed working such as you’re within the Stone Age with 10 machines,” he mentioned. “We will likely be on high of the laws, we will likely be on high of safety. Your function is simply to advertise the enterprise.”