The first shipping bitcoin ATM, Robocoin, is landing in Hong Kong and Taiwan as the company expands its reach this January. They are planning further releases in Europe, Canada, and the US but, given Asia’s clout in the BTC markets, this is definitely an interesting development. The first Robocoin landed in Vancouver where it’s been a big hit and we wanted to see how things have been going for the company since launch in October.
“Bitcoin demand in Asia is amazing,” said Robocoin CEO Jordan Kelley. “We have many Asian countries seeking to enhance consumer capability to buy and sell bitcoin securely and safely.” I asked Robocoin’s Growth guru, Sam Glaser, to talk to us a little bit about the company and plans for the future.
TC: So ATMs, huh? How’s that working out?
Sam Glaser: The world seems to pretty excited. We sold over 50 machines within the first 50 days of accepting orders. Since we launched on October 29th in Vancouver we’ve had over 1900 people and companies around the world inquire to purchase. Robocoin ATM’s are the best in the game; they provide individuals the easiest way to buy and sell bitcoin while simultaneously providing operators the most exciting business opportunity in all of bitcoin–our operators in Vancouver broke even in two weeks.
TC: Tell me about yourselves.
SG: We are a small team of hungry, dedicated and determined technologists based in Las Vegas. Our team of 4: Jordan Kelley is CEO, John Russell is CTO, Chris Yoder (previously CTO @Cloudsnap) is our other developer and I’m our Chief of Growth. Our team is laser focused on proliferating Robocoin around the globe and providing an onramp for bitcoin overall.
TC: What are your numbers in Vancouver?
SG: It took us 29 days to surpass $1mm CAD in transactions from 1576 transactions. 52% of Robocoin customers are first time bitcoin users using our “generate wallet” feature. The numbers have actually been accelerating.
TC: How do you maintain a supply of BTC? Who is your provider?
SG: Operators connect their digital currency exchange (Bitstamp) account with their Robocoin Operator Dashboard. The Robocoin software uses those account credentials to perform all of the necessary tasks in real time. Our patent pending technology integrates with digital currency exchanges, such as Bitstamp, MtGox, BTC China, etc and facilitates trades for customers while giving the operator of the machine full control over the process.
TC: What have people been saying about the ATMs?
Those familiar with Bitcoin have long lamented the historically arduous exchange process and are delighted by Robocoin’s ease-of-exchange.
TC: Why not put one in Manhattan?
SG: En route! Announcement coming soon.
TC: So soon. Is it secure?
SG: Robocoin was built from the ground up to be 100% compliant globally and secure. Our 3-step verification gives operators unprecedented visibility of their customers and Robocoin software provides incredible power to defend against money laundering. The palm vein scanner + the ID scanner + facial matching is replacing the need for a bank teller. On the security side, the kiosks connect to our infrastructure through a VPN connection. The servers are not publicly accessible from the internet which minimizes the attack service. The computer itself sits in the safe so physical attacks are minimized.
TC: Can you install one in the bar around the corner from me in Brooklyn?
SG: Want to be the owner? Find a partner with a money transmitter license and you can help us grow the brand.
TC: Let’s hold off for now but I’ll ask around.
