Reno, NV, Feb. 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Bullet Blockchain, Inc. (“BULT” or the “Company”), (OTC: BULT), an emerging software development and SaaS company, specializing in blockchain technologies and Web 3.0 and owner of Bitcoin ATM Patents, announced today that BULT has reached a Bitcoin ATM technology licensing agreement with TekX Mining and Gaming PC Solutions LLC. (“TekX”), a division of BOTS Inc. (OTC:BTZI) in which TekX will provide manufacturing and engineering services utilizing BULT’s patented Bitcoin ATM technology. As previously announced, acquiring the Bitcoin ATM Patent allows BULT to proceed with licensing agreements and develop new services for the Bitcoin ATM industry.
Bitcoin ATMs or crypto ATMs are kiosks that allow people to purchase Bitcoin and other cryptocurrencies by using cash, debit or credit cards through an automated teller machine or “ATM.” The TekX Bitcoin ATMs will allow two-way functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash.
BULT’s patented technology will be incorporated in all Bitcoin ATM kiosks that will be manufactured by TekX. Highlights of the TekX Bitcoin ATMs include:
- All of TekX’s customized Bitcoin ATM kiosks will be manufactured in the United States.
- All Kiosks will come with a 5-year warranty.
Upon execution of the Patent License Agreement, TekX will be obligated to pay a royalty fee to BULT for each Bitcoin ATM produced and sold. “We are happy to advance Bullet Blockchain Bitcoin ATM patented technology into kiosks for mass production,” commented TekX management.
According to Coin ATM Radar, there were nearly 33,000 Bitcoin ATMs in the United States as of the time of this release. The TekX agreement will further the production of Bitcoin ATM kiosks for a Bullet ATM network to include other crypto ATM operators in the United States.
Some Bitcoin ATMs operating in the US are imported from other countries; for example, Czech company General Bytes sold thousands of their machines to operators operating in US. Through Coinme, bitcoin can be exchanged in the United States for local currency at ATMs located in select MoneyGram locations and Coinstar machines. BULT will develop its own network of licensed Bitcoin ATM kiosks.
According to CoinATMRadar.com: The clear advantage of using a bitcoin ATM vs. online exchanges is verification time (exchanges usually take longer when you register for the first time). Another advantage of bitcoin machines is ability to purchase BTC much more easily and quickly as you deal with cash exchanged to bitcoins (immediately), comparing to sending a wire transfer to exchange first and then waiting for it to get received and credited to your exchange account before you can trade. (source: Coin ATM Radar: https://coinatmradar.com). So, Bitcoin ATMs have their own usage and customers’ niche.
A recent research report was written by Grand View Research indicating that the global crypto ATM market size was valued at USD 116.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. The growth of the market can be attributed to the lucrative benefits offered by crypto ATMs. Crypto ATMs allow customers to transfer money abroad without the need for a bank account; it also enables users to convert cryptocurrency into fiat currency and allows for cash withdrawal through ATM machines. Furthermore, the legalization of cryptocurrency across several countries is also one of the major factors that bode well with the growth of the cryptocurrency ATM market. The increasing installation of crypto ATMs across the globe is also one of the major factors anticipated to propel the growth of the crypto ATM market over the forecast period. For instance, as of September 2022, according to Coin ATM Radar, a bitcoin ATM map, around 602 crypto ATM operators have installed nearly 38,609 ATMs across 78 countries. (source: Global Crypto ATM Market Size & Share Analysis Report, 2030 (grandviewresearch.com ) Moreover, several governments worldwide are involved in installing crypto ATMs in public places. For instance, in November 2021, the City of Williston installed the first crypto ATM at Williston Basin International Airport (XWA).
Venture capital firms worldwide are heavily investing in crypto ATM companies to enable these companies to enhance the crypto ATM network. The growing popularity of cryptocurrencies across the globe is also expected to drive market growth over the forecast period.
For more information, please visit www.BulletBlockchain.com
About Bullet Blockchain
Headquartered in Reno, Nevada, Bullet Blockchain Inc. – stock is publicly traded on the OTC Markets under the symbol (BULT) – is a diversified software development and SaaS company, specializing in blockchain technologies and Web 3.0. BULT is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to strong growth and increasing the shareholders’ value.
Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our OTC Markets’ disclosures, press releases, public conference calls, and webcasts. We also use social media to communicate with our email subscribers and the public about BULT, services, and other related information. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in BULT to review the information we post on BULT’s social media channels listed below. This list may be updated from time to time.
Follow us at:
Find BULT news at http://www.BulletBlockchain.com
Follow BULT news on Twitter @ BULT_stock
Follow BULT on Reddit at https://www.reddit.com/r/BULT/
Follow BULT on Facebook at https://www.facebook.com/BulletBlockchainInc/
Follow BULT on LinkedIn at www.linkedin.com/in/bullet-blockchain-inc
Find investor and general information at https://www.otcmarkets.com/stock/BULT/profile
For investor and general information, please email contact@BulletBlockchain.com
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. 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 at some point in the future however, 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. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.