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SAN JUAN, April 22, 2021 (GLOBE NEWSWIRE) -- BOTS, Inc. (OTC: BTZI), a vertical integrator and an emerging innovator of products, I.P. licensing, commercialization of technologies and services for the rapidly growing digital robotics automation, cybersecurity, and manufacturing industry announced today that it entered into a strategic agreement to exclusively license the intellectual property for its Bitcoin ATM I.P. portfolio. The I.P. portfolio now includes licensing agreement for patent US 10,332,205 B1 (Bitcoin kiosk/ATM device and system and method of using the same).
BTZI announced in October 2020 that it acquired a subsidiary from First Bitcoin Capital Corp (OTC: BITCF), which includes the rights to 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. Many of the elements of that intellectual property (I.P.) will be "standard-essential claims," which are critical for the Bitcoin ATM networks to operate.
Wrapping up this additional patent under the BTZI umbrella allows BTZI to immediately proceed with licensing agreements for the industry, including the manufacturers of Bitcoin ATMs and owner-operators.
BTZI will introduce several licensing programs, including a per transaction licensing fee, revenue share, or partner program with owner-operators.
CoinTelegraph.com reported recently that the number of Bitcoin ATMs in the U.S. rose 177% over the past year, reaching closer to 16,000 in April 2021. Coin ATM Radar's ticker tracking crypto ATM installation speed indicated that 34.6 new ATMs are being installed each day.
The top 10 Bitcoin ATM operators run over 11500 crypto ATMs (61.6%).
BTZI is the founder of the first worldwide Bitcoin ATM consortium or network, the blockchain-powered computer network that will enable Bitcoin ATM customer wallets issued by a Bitcoin ATM operator that will be a member of the network to be used to perform Bitcoin ATM transactions through ATMs that belong to another operator of the network. This is especially convenient when traveling abroad, where Bitcoin ATMs may be widely available. A network is a common way of delivering buying or selling (conducive to cryptocurrency) services that increase the network value by linking many operators together. For example, the value of a cellular telephone network to customers increases with the number of customers that can be reached via the global network. Similarly, Bitcoin ATM networks will link together Bitcoin ATMs in various locations, giving the customers of each operator greater access to their crypto accounts.
Crypto entrepreneur Bobby Lee, who is the co-founder and former CEO of China-based crypto exchange BTCC and the founder and CEO of crypto wallet startup Ballet, told CNBC that "Bitcoin could surge to $300,000 — but winter could last for years when the bubble bursts." Lee is also a member of the Bitcoin Foundation's board of directors and is the brother of Litecoin (LTC) creator Charlie Lee. Lee has had a blockbuster 2021 so far, with the cryptocurrency breaking multiple record levels this year and surpassing the $63,000 mark earlier in March. It last traded at $53,660.24, according to data from Coin Metrics.
According to CoinATMradar.com, as of April 2021, there were closer to 16,000 Bitcoin ATMs installed in the USA. Average Bitcoin ATM kiosks process 130-180 transactions monthly. This number of transactions translates to up to $20-35 million as potential income from I.P. licensing for the Company per year.
About BOTS, Inc.
Headquartered in San Juan, Puerto Rico, BOTS, Inc. - publicly traded on the OTC Markets under the symbol (BTZI) is a diversified company developing and servicing blockchain, cybersecurity, and robotics solutions for its clientele. The Company is committed to driving the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).
BTZI is the founder of the First Worldwide Bitcoin ATM consortium or network, the blockchain-powered computer network that will enable Bitcoin ATM customer wallets issued by a Bitcoin ATM operator that will be a member of the network to be used to perform Bitcoin ATM transactions through ATMs that belong to another operator of the network. This is especially convenient when traveling abroad, where Bitcoin ATMs may be widely available. A network is a common way of delivering, buying, or selling cryptocurrency services that increase the network value by linking many operators together. For example, the value of a cellular telephone network to customers increases with the number of customers that can be reached via the global network. Similarly, Bitcoin ATM networks will link together Bitcoin ATMs in various locations, giving the customers of each operator greater access to their crypto accounts.
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Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in the Company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.