Bitcoin Capital Group Claims Bitcoin Kiosk Patent
Editor Notes: Kiosk Industry monitors patent suits and will be monitoring this one regarding Bitcoin Kiosk patent. Noted on Yahoo news 8/1/2019
TEL AVIV, ISRAEL / ACCESSWIRE / August 1, 2019 / FIRST BITCOIN CAPITAL CORP (OTC PINK:BITCF) (“the Company”) a prolific generator of more than 100 unique cryptocurrencies and the developer of blockchain powered technology is proud to announce today that it has acquired //legacy-assignments.uspto.gov/assignments/q?db=pat&reel=049886&frame=0552 U.S. Patent No. 9,135,787 – “Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same.” Known as the “Bitcoin ATM patent” this patent is related to the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk that allows customers to purchase Bitcoin or other cryptocurrencies by using cash, debit or credit cards.
Bitcoin ATMs do not require their users to have bank accounts, so customers can simply pay and instantly buy or sell Bitcoin or other cryptocurrencies.
Greg Rubin, Company’s Chief Executive Officer stated, “Being the first ever publicly traded company in the Bitcoin and Blockchain industry, we now have acquired one of the most important intellectual properties in this space, as we believe that this patent will provide us a unique and leveraged position, in addition to our other projects as we continue moving forward into the digital asset and cryptocurrency businesses. This patent complements our innovation in the field.”
According to Coin ATM Radar, there are more than 3,000 Bitcoin ATMs in the United States as of July, 2019, with average daily 3.7 Bitcoin ATM installations in the US.
All Bitcoin ATMs and Kiosks manufactured and sold in the U.S., and all Bitcoin ATMs and Kiosks operated in the U.S. are believed to be subject to this patent and the company intends to enforce its right upon acquisition of same.
The Company has already begun negotiations with a major law firm that has a very successful track record in enforcing patent rights when working on a contingency basis.
U.S. Bitcoin ATMs represent 13.5 percent of all venues transacting in the digital currency worldwide, according to research by Larry Cermak, head of analysis at The Block.
It is expected that this number of Bitcoin ATMs will continue to rise in the near future with more and more people discovering bitcoin as a payment method and store of value.
First Bitcoin will develop strategies for structuring and implementation of an IP management plan. A business plan prepared by a third party foresees the owner of this unique Bitcoin patent earning more than 50 million dollars in profits over a 5 years period.
The acquisition of the Bitcoin ATM Patent was arranged through the facilities of IPOfferings LLC, a leading patent brokerage, patent valuation and IP consulting services firm.”