Robocoin ATMs will send bitcoins to phone numbers

Robocoin Bank users will be able to send bitcoin to phone numbers around the world

Jordan Kelley, CEO of Bitcoin ATM maker Robocoin, introduces the world's first Bitcoin ATM in Vancouver, Canada, in 2013. The manufacturer is adding bank-style functions to its kiosks in a bid to broaden the appeal of the cryptocurrency.

Jordan Kelley, CEO of Bitcoin ATM maker Robocoin, introduces the world's first Bitcoin ATM in Vancouver, Canada, in 2013. The manufacturer is adding bank-style functions to its kiosks in a bid to broaden the appeal of the cryptocurrency.

Leading Bitcoin ATM manufacturer Robocoin is upgrading its network of machines with bank-style features, including the ability to send funds to phone numbers.

The Las Vegas-based company, which launched the world's first Bitcoin ATM in Canada last October, said its ATMs in 13 countries will allow users to buy bitcoin or get cash in 12 currencies easily.

It's billing the new Robocoin Bank as "the fastest way to send cash worldwide."

The ATM services, which will launch this summer, will include the ability to store, access and send bitcoins from any ATM, or "branch," as the company is now calling them. They can also transfer bitcoin instantly without users having to wait for confirmation on the blockchain, the public ledger of transactions in the cryptocurrency.

The machines will also let customers withdraw cash from their bitcoin holdings.

In a move the company believes will disrupt the remittance industry, users will be able to send money to people by addressing it to a phone number instead of a Bitcoin address. If recipients don't have Bitcoin accounts yet, the funds will wait for them at their local machine.

For security against fraud, the ATMs will use three ways to authenticate users: a phone number that acts as a username, a PIN and palm-vein scans.

The manufacturer is hoping its revamped approach, as well as use of banking terms like "deposits" and "withdrawals," will broaden the appeal of Bitcoin beyond early adapters.

"The new Robocoin Bank removes the pain and the barrier to entry," Robocoin CEO Jordan Kelley wrote in an email.

"No longer do customers have to worry about private keys and public addresses. With the Robocoin Bank, customers deposit into their Robocoin Account and send money between phone numbers, not public keys, which will yield incredible network effects."

Bitcoin transfers have relied on public-key cryptography, which uses secret codes to verify a user's ownership of bitcoins. Private keys are matched to Bitcoin addresses, unique identifiers that allow users to receive the digital currency.

The Robocoin Bank will enable faster and easier transactions than before, Kelley added.

Robocoin did not immediately respond to a request for information about the bank's fee structure.

Japan become one of the latest countries to receive a Robocoin ATM when importing company Raimu unveiled in April the first of three it ordered from the U.S.

The machine is expected to be set up in the busy Shibuya district of Tokyo this month, according to Raimu.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internetInternet-based applications and servicesRobocoin

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tim Hornyak

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?