SAN JUAN, Puerto Rico, May 17, 2021 (GLOBE NEWSWIRE) — BOTS, Inc. (OTC: BTZI), a vertical integrator and an emerging innovator of products, technologies, and services for the rapidly growing digital robotics automation, cybersecurity, and manufacturing industry announced today release of Intellectual Property (I.P.) licensing guidelines for the Bitcoin ATM operators and manufacturers. Copies of the guidelines are available upon request from the Company. These Intellectual-Property Guidelines are designed to help Bitcoin ATM operators implement practical, internal licensing compliance policies consistent with our patents together with the related I.P. laws and to reduce the business risks associated with counterfeiting, piracy, and transaction cybersecurity.
Bitcoin ATM companies, large and small, increasingly use and rely on intellectual property—the copyright, trademark, patents, trade secrets, and other intangible rights that underlie many products and services in the cryptocurrency ATM industry today. The “intellectual capital” embodied in inventions and creative content can be crucial to economic growth and business development as traditional capital, goods, and services.
I.P. protections provide the incentives and returns on investments for intellectual capital necessary to produce a continuous stream of innovations in crypto and blockchain economies. These make individual companies, industry sectors, and national economies more competitive.
These Intellectual-Property Bitcoin ATM IP Guidelines are designed to be helpful to a wide range of businesses involved in the Bitcoin ATM industry, including ATM manufacturers, banks, and non-bank Bitcoin ATM operators and are suitable to be tailored to deal more specifically with particular segments of the Bitcoin ATM supply chain.
These guidelines may be used directly as a basis for a Bitcoin ATM company to create or improve internal I.P. compliance, company policies, or employee manuals. The terms of these Guidelines can also be included in contracts between BOTS Inc and suppliers, such as ATM kiosk manufacturers.
They are also suitable for adoption as the basis of an I.P. compliance certification, whether voluntary or mandatory, in the Bitcoin ATM industry.
Also, these Guidelines are intended to be a “living document” capable of evolving to respond to the challenges of new technologies and globalization, and political and economic trade pressures. Like the intellectual property system more generally, these Guidelines are intended as a balanced approach that respects the legitimate interests of I.P. rights owners, other stakeholders as well as the Bitcoin ATM business community.
Our I.P. guidelines are compliant with U.S. Antitrust Laws and regulations.
Research published by Statista.com indicates that the number of Bitcoin ATMs worldwide grew by every passing month since 2015, reaching new highs in 2021. As of January 1, 2021, there were nearly 14,000 Bitcoin ATMs worldwide. As far as Bitcoin ATMs are concerned, there are two main types of such ATMs: the basic ones, allowing the users only to purchase Bitcoins, and more complex ones, enabling the users both to buy and sell the virtual money. In the case of complex ATMs, only the members of a particular ATM producer can use the ATM. As of July 2020, the leading manufacturers of the Bitcoin ATMs were Genesis Coin and General Bytes, with 34.6 percent and 30.3 percent of the market share, respectively. The highest number of Bitcoin ATMs was recorded in the United States as of July 2020. In total, approximately 83 percent of global ATMs were concentrated in North America.
In the USA, as of May 2021, the number grew to 17,000, with 19,500 Bitcoin ATMs installed and operational word-wide.
A recent article published in BankingDive.com mentioned that a Virginia-based bank provides Bitcoin access at ATMs. “Anyone can use the bank’s ATMs to buy and sell Bitcoin as long as their ATM card is accepted,” BluePoint ATM Solutions CEO Wade Zirkle told the Richmond Times-Dispatch on Thursday.
“The bank’s dual capability of servicing cash and Bitcoin transactions at its ATMs is unique,” said David Tente, executive director of the U.S., Canada, and Americas for the ATM Industry Association.
“There are many that perform traditional cash transactions, as well as electronic Bitcoin transactions, but not both,” he told the Times-Dispatch.
Zirkle said in a statement that his Company predicts more community banks and credit unions will demand similar “innovative fintech solutions” in their branches.
“This is a major milestone in terms of the adoption of Bitcoin as a fungible currency,” Stephen Mathai-Davis, co-founder and CEO of quantitative investment research and analytics company Q.ai, said in an email. “The true challenge for digital assets, in my opinion, remains the custody process. How do I save my digital assets in a location that I can trust and will offer true transparency into its value? The decision by Blue Ridge offers this solution while also offering the ability for users to begin converting Bitcoin into U.S. dollars in the same way many of us would go to a bank to convert foreign currencies.”
Blue Ridge’s announcement comes as larger banks and payment networks move into the cryptocurrency space.
BNY Mellon, the largest custody bank in the U.S., said Thursday it will hold, transfer and issue cryptocurrencies on behalf of its asset-management clients. Mastercard said a day earlier that it would support certain digital assets on its network this year. JPMorgan Chase announced last spring it would extend banking services to cryptocurrency exchanges Gemini and Coinbase.
The Office of the Comptroller of the Currency (OCC) has issued several crypto-related statements in recent months, including an interpretive letter in January clarifying that banks can use stablecoins to facilitate payment transactions for customers on an independent node verification network. That followed guidance from July is specifying that national banks could provide cryptocurrency custody services and hold unique cryptographic “keys” associated with cryptocurrencies on behalf of customers.
The integration of cryptocurrencies into major financial institutions has pathed the way for exponential expansion of Bitcoin into the more than 3.5 million ATMs across the world, opening up potential patent-related revenues streams for Bots of staggering proportions.
Returning to Current SEC Reporting Status
The Company returning to current SEC reporting status is a major step that allows a far broader range of investors to acquire Bots’ shares, adding liquidity and greater upside to our large and growing shareholders base, which also is an important step to up-listing on a major stock market.
About BOTS, Inc.
Headquartered in San Juan, Puerto Rico, BOTS, Inc. – publicly traded on the OTC Markets under the symbol (BTZI) is a diversified company developing and servicing blockchain, cybersecurity, and robotics solutions for its clientele. The Company is committed to driving the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).
Bots, Inc. I.P. portfolio includes licensing agreement for patent US 10,332,205 B1 (Bitcoin kiosk/ATM device and system and method of using the same) and Patent No. 9,135,787 – “Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same.” Known as the “Bitcoin ATM Patent,” this patent is related to the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk that allows customers to purchase Bitcoin or other cryptocurrencies by using cash, debit, or credit cards.
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Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in the Company’s filings. 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. However, while the Company may elect to update these forward-looking statements at some point in the future, 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. Such forward-looking statements are risks that are detailed in the Company’s website and filings.