First Bitcoin, The Former Venezuelan Gold Mining Company Eyeing Bitcoin ATMs

Prashant  |  Jan 15, 2020

First Bitcoin Capital Corp. a former Venezuelan gold mining company turned into a multinational crypto startup is eyeing to bring together different Bitcoin ATM service providers around the globe. The former Venezuelan mining group has registered with the Security and Exchange Commission (SEC) and plans to streamline the Bitcoin ATM network operated by numerous small-time operators using a robust KYC and regulatory compliance network.

The crypto startup plans of creating a universal Bitcoin ATM network is inspired by their recently granted patent U.S. 9,135,787 B1, which is also known as “Bitcoin Kiosk/ATM Device and System Integrating Enrollment Protocol and Method of Using the Same.” The firm acquired the patent last summer in lieu of 1.6 million of its share as per the SEC filling.

The crypto startup has been active in the crypto space for quite some time now before SEC suspended trading of its share temporarily in 2017. Prior to the suspension, the firm was running a Bitcoin exchange and several ATM services. Greg Rubin, the CEO of the firm says streamlining the back-end functioning of Bitcoin ATMs can help in making these ATMs more reliable. He said,

“We want to create a consortium of bitcoin ATM operators and put them on the global ATM network” 

The Popularity of Bitcoin ATMs Around The Globe on The Rise

Bitcoin ATMs have been growing in numbers and at present, there are 6535 active ATMs around the globe, and a majority of these ATMs are located in the United States with 4,481 ATMs. The former Venezuelan gold mining firm is hedging its ATM business plan on its recently acquired patent but the CEO Rubin made it clear that their plan is to improve on the Bitcoin ATM services and not become a patent troll. He insisted that the patent will mutually beneficial for ATM operators as well as there company.

Rubin also noted that the global Bitcoin ATM network would benefit the small-time operators the most. He explained,

“You cannot continue operating like you’re in the Stone Age with 10 machines,” he said. “We will be on top of the regulations, we will be on top of security. Your role is just to promote the business.”

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