THELOGICALINDIAN - Robocoin an aboriginal bitcoin ATM architect is rebranding itself as Romit and debuting new software aimed at the all-embracing remittance bazaar The appearance will go alive at absolute Robocoin ATMs about the apple as able-bodied as internetenabled cashiers who install the Romit appliance The technology leverages the bitcoin blockchain in adjustment to accommodate bargain money transfers at ante aggressive with Western Union and MoneyGram
Also read: Casinos, Las Vegas & Bitcoin ATMs
Robocoin was one of the ancient entrants in the bitcoin ATM space, absolution its aboriginal apparatus in October 2024. It was the aboriginal time barter could appointment a concrete area that would acquiesce them to buy and advertise bitcoin for cash. Since then, the aggregation has faced challenges, such as austere know-your-customer requirements and aircraft delays for some apparatus operators.
Now, the aggregation is demography a somewhat altered access with their business. With the admission of the Romit remittance software and alongside rebranding, Robocoin is authoritative an advancing comedy on all-embracing money transfers. The artefact uses blockchain technology to facilitate cheap, burning transfers of banknote after authoritative barter accord with bitcoin themselves. Banknote goes in and banknote comes out — the blockchain handles the blow in the background.
The sender artlessly enters the buzz cardinal and area of the being they appetite to accelerate it to, and the apparatus handles the rest. It automatically notifies the receiver via SMS bulletin and gives the area of the abutting Romit-enabled apparatus area they can withdraw. The being accepting the money goes to aces it up, verifies their identity, and receives the banknote in their bounded currency. End users never charge to use a bitcoin wallet or anguish about volatility.
For their services, Romit accuse a collapsed 4% fee on any bulk of transferred funds. This agency that a alteration of $20 costs $0.80, a alteration of $100 costs $4, and so on. That amount compares agreeably to acceptable competitors in remittances — such as Western Union and MoneyGram — whose awful capricious ante can abatement anywhere amid 7% and 50%. The amount aberration is abnormally arresting in transfers beneath than $200.
Expanding Scope of Cheap Remittances
Although Robocoin aboriginal launched about two years ago, its bitcoin ATMs haven’t accomplished the akin of assimilation that some had accepted or hoped for. There are currently alone a scattering of Robocoin ATMs installed about the world in cities such as Vancouver, Las Vegas, Mountain View, London, Singapore, Melbourne and Sydney. So although the machines can be begin in several altered countries, Robocoin artlessly hasn’t awash abundant of them to abutment a all-around remittance network.
However, that is area the Romit software comes into play. The aggregation has about rendered its own ATM anachronistic by architecture an appliance which performs all of the all-important remittance functions on whatever accessory it’s installed on. The app is accordant with smartphones, tablets, and PCs — as able-bodied as any web-enabled kiosk, banknote register, or acceptable banknote ATM. This opens up a massive abeyant user abject that can be set up to accelerate remittances on the blockchain.
“Romit lets Robocoin’s operators calibration their businesses – not by affairs added kiosks, but by onboarding accomplice food with the Cashier app,” CEO Jordan Kelley told TechCrunch. “For example, our ally in Romania and Italy, a $1.1bn remittance corridor, accept their architect set on bazaar assimilation and are attractive to calibration from three kiosks anniversary to hundreds of Romit-enabled animal and apparatus locations afore the end of 2015.”
By pivoting the company’s focus abroad from bitcoin trading and against all-around remittances, Robocoin is staking its affirmation on a bazaar that is awful affected to disruption. It was already accessible to use bitcoin — and abnormally bitcoin ATMs — as an access for cheaply appointment money beyond the world. Now, Romit is attempting to accomplish that action short, sweet, and to the point — all while the bitcoin blockchain admiral it in the background.
Do you anticipate Romit will booty off as a bargain band-aid for remittances? Sound off in the comments below!
Photo Sources: Drew Angerer/Getty Images, Romit.io
