Robocoin Launches A Bitcoin Banking Platform - Essay Example

Las Vegas-based bitcoin services company Robocoin is known for its bitcoin vending machines but it is currently working a service very different from that.

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Their new service will offer global remittance and a bitcoin banking platform called “Robocoin 2.0.?

The company’s CEO Jordan Kelley suggested in an interview that Robocoin Wallet will enable the firm to bring many more essential services for their bitcoin banking and remittance network.

Direct supervision will make sure that all the services will be as user-friendly as it is possible.

Kelley stated that the service will be a fully enterprise and functional global wallet. It will also have a full kiosk and bitcoin ATM constructed into it.

This means, the users will not require external bitcoin wallet. They do not have to be dependent on the existing Bitcoin infrastructure.

The Robocoin CEO said that this wallet is very important for creating a pleasant experience for all Robocoin users using the internet and mobile devices.

He clarified that the main selling point of the new product is that wallet users can instantly convert their bitcoins to cash, no matter where they are.

Users will no longer have to wait for confirmation after sending bitcoin to a machine before scanning the receipt. The entire process will become simpler and faster.

Robocoin’s new wallet will be available to all existing users of the company at first. They can sign up on their official website.

New customers have to wait till Tuesday to sign up from branches at Los Angeles, Las Vegas and Mountain View. The sign up process will start in other branches soon.

The Robocoin wallet is a part of the broader move by Robocoin to use its ATMs as an onramp to the crypto currency ecosystem. Kelley informed that the company wants to develop an in-house solution that will free it from third-party relationships, to avoid operational difficulties.

He compared the older ATM service and said that many factors were outside their control but customers suffered as they got poor experience.

As a solution, they have come up with a wallet secured by 2-factor authentication. It also has SMS money-sending options. Users will not need to protect their private keys anymore.

Robocoin kiosks, in addition to the consumer wallets, will be powered by operator wallets. Operator wallets use an API to replenish funds from exchanges automatically.

Kelley described that Robocoin seen great progress in the months since this new feature was announced.

Kelley strongly believes that Robocoin has all the tools needed to capture this market. He said that imagining a remittance population sending the digital currency to and from private keys would not be easy.

This may be why they are not seeing remittance. They are concentrating on improving the customer experience.

Kelley concluded the interview by repeating his belief that the company will successfully make more impressive and effective commerce for millions of underbanked consumers around the globe.

They are committed to capture this market segment.