Robocoin Creates First Bitcoin Bank

May 5, 2024 by

Image credit: Robocoin

The Las Vegas-based bitcoin ATM manufacturer Robocoin has introduced the world to the first bitcoin bank, Robocoin Bank.

ATMs already in place will serve as local branches for the innovative new banking features all integrated with the company’s online platform.

Buying and selling bitcoin will become depositing and withdrawing as customers will be able to access, store, and send bitcoins to any other Robocoin ATM. There is even the option to convert it into cash and make withdrawals on the spot.

Transfers are immediate and can be sent to phone numbers so that customers won’t have to use QR codes or addresses. International transfers are treated the same as domestic ones, everything clears instantaneously with no holding period attached.

Robocoin operates in 13 countries to date located in North America, Europe, and Asia with the latest being deployed in Seattle, Washington. The network can exchange up to 12 different currencies around the world including bitcoin as well.

Security is provided with 3 levels of authentication. Customers need a phone number, a PIN, and a biometric palm vein scan. All accounts have 100% cryptographic provable reserves and can be used for personal or business purposes.

Opening an account is relatively painless and gives customers immediate access to every branch around the globe. The company hopes that Robocoin Bank will make bitcoin more palatable for the masses and simplify global transactions.

Fraud concerns remain a hot-button issue for critics however, as detractors to bitcoin ATMs claim that current anti-money laundering campaigns won’t be able to operate effectively given the bitcoin protocol’s capability for pseudo anonymity. It’s unclear how banking regulations will apply yet.

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