Robocoin, an early on bitcoin ATM manufacturer, is rebranding itself every bit Romit as well as debuting novel software aimed at the international remittance market. The features volition teach alive at existing Robocoin ATMs unopen to the world, also every bit internet-enabled cashiers who install the Romit application. The applied scientific discipline leverages the bitcoin blockchain inward guild to supply inexpensive money transfers at rates competitive amongst Western Union as well as MoneyGram.
Robocoin was i of the earliest entrants inward the bitcoin ATM space, releasing its outset machine inward Oct 2013. It was the outset fourth dimension customers could catch a physical location that would allow them to purchase as well as sell bitcoin for cash. Since then, the companionship has faced challenges, such every bit strict know-your-customer requirements as well as transportation delays for some machine operators.
Now, the companionship is taking a somewhat dissimilar approach amongst their business. With the debut of the
Romit remittance software and parallel rebranding, Robocoin is making an aggressive play on international money transfers. The production uses blockchain applied scientific discipline to facilitate cheap, minute transfers of cash without making customers bargain amongst bitcoin themselves. Cash goes inward as well as cash comes out — the blockchain handles the balance inward the background.
Screenshot of money transfer using Romit.
The sender merely enters the telephone publish as well as location of the somebody they desire to transportation it to, as well as the machine handles the rest. It automatically notifies the receiver via SMS message as well as gives the location of the nearest Romit-enabled machine where they tin withdraw. The somebody receiving the money goes to pick it up, verifies their identity, as well as receives the cash inward their local currency. End users never require to usage a bitcoin wallet or worry nearly volatility.
For their services, Romit charges a apartment 4% fee on whatsoever total of transferred funds. This agency that a transfer of $20 costs $0.80, a transfer of $100 costs $4, as well as thus on. That charge per unit of measurement compares favorably to traditional competitors inward remittances — such every bit Western Union as well as MoneyGram — whose highly variable rates tin autumn anywhere betwixt 7% as well as 50%. The terms deviation is specially pronounced
in transfers less than $200.
Expanding Scope of Cheap Remittances
Although Robocoin outset launched almost ii years ago, its bitcoin ATMs haven’t achieved the grade of penetration that some had expected or hoped for. There are currently entirely a handful of Robocoin ATMs
installed unopen to the world in cities such every bit Vancouver, Las Vegas, Mountain View, London, Singapore, Melbourne as well as Sydney. So although the machines tin hold upward constitute inward several dissimilar countries, Robocoin merely hasn’t sold plenty of them to back upward a global remittance network.
However, that is where the Romit software comes into play. The companionship has essentially rendered its ain ATM obsolete yesteryear edifice an application which performs all of the necessary remittance functions on whatever device it’s installed on. The app is compatible amongst smartphones, tablets, as well as PCs — also every bit whatsoever web-enabled kiosk, cash register, or traditional cash ATM. This opens upward a massive potential user base of operations that tin hold upward gear upward to transportation remittances on the blockchain.
Screenshot of location alternative inside Romit.
“Romit lets Robocoin’s operators scale their businesses – non yesteryear buying to a greater extent than kiosks, but yesteryear onboarding partner stores amongst the Cashier app,”
CEO Hashemite Kingdom of Jordan Kelley told TechCrunch. “For example, our partners inward Romania as well as Italy, a $1.1bn remittance corridor, cause got their sights assail marketplace seat penetration as well as are looking to scale from 3 kiosks each to hundreds of Romit-enabled human as well as machine locations earlier the halt of 2015.”
By pivoting the company’s focus away from bitcoin trading as well as toward global remittances, Robocoin is staking its claim on a marketplace seat that is highly susceptible to disruption. It was already possible to usage bitcoin — as well as specially bitcoin ATMs — every bit an avenue for cheaply transferring money across the world. Now, Romit is attempting to build that procedure short, sweet, as well as to the signal — all spell the bitcoin blockchain powers it inward the background.
Do y'all retrieve Romit volition cause got off every bit a inexpensive solution for remittances? Sound off inward the comments below!
Photo Sources: Drew Angerer/Getty Images, Romit.io
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