By
Temitope Olatunji
July 3rd, 2023
Bitcoin ATM company Robocoin has announced that this summer it will introduce online banking and convert their ATMs into ‘Robocoin bank branches integrated with Robocoin Online Banking.’
Robocoin the first ATM manufacturer based in Las Vegas, Nevada has announced it will launch a new projects. The company will launch the first Robocoin Bank.
According to Robocoin, Robocoin Bank will be providing a set of new features. The bank will incorporate cryptographic provable reserves, instant bitcoin-to-cash withdrawals and also you will be able to send money internationally.
Jordan Kelley, CEO of Robocoin, in the interview with CoinDesk mentioned that new service is another step forward company’s main goal which is user-friendly for mass-market consumers and the underbanked.
Mr. Kelley said: “We realized very quickly that we needed to build an online bank that way our customers don’t have to worry about private keys anymore.”
Bitcoin as a backbone
Mr. Kelley mentioned that he is aiming to remove all the difficulty and issues that are related to bitcoin transactions, and not just using the technology as a backbone form ore traditional financial services. The company has added to its service the same functions that online banking has.
Jordan Kelly said: “The idea that bitcoin is going to be this big game-changer for remittance is absolutely factual, however, thinking that a Mexican immigrant is going to be sending bitcoin back to his family is really far-fetched.”
Customers can use any Robocoin branch to send bitcoin or fiat currency to recipients. After that, recipients receive a text containing the amount they were sent and then they can withdraw the money at a local machine.
Moreover, operators will benefit by getting detailed information about their customers, such as where they sent the money via Robocoin machines.
Rebranding
Moreover, in a line with the launch of a new service Robocoin is also rebranding some of the already existing services. From now on Robocoin Kiosks will be called as Robocoin Bank Branches.
In order to make the service more simple for the users the company is upgrading the terminology that shows how consumers interact with its devices to bring clarity to its service changes. Robocoin mentioned that the users will deposit and wirthdraw bitcoin or fiat currency not as it used to be to buy and sell.
Further, instead of customer public bitcoin addresses there will be Robocoin accounts, where customers store and access their wealth using a combination of their phone number, PIN number and biometric identification.
Explained Kelley: “The phone is now acting as the username, the PIN that customers create is the first part of the password and their palm is password part two. My bitcoin is now accessible from the online banking portal or any ATM around the world.”
