Bitcoin ATM provider Robocoin is upgrading all of its ATMs with bank-style features to enable customers to manage their bitcoin with greater ease and enhanced security.
Scheduled for launch in summer 2014, the new ATM services, re-branded as Robocoin Bank, are expected to include features, such as secure deposits with 100% cryptographic provable reserves, instant bitcoin-to-cash withdrawals, as well as peer to peer (P2P) money exchange services.
The Las Vegas-based company said in a statement that the world’s newest global bank represents an evolution in Bitcoin and a potential disruption to the massive remittance industry.
"The Robocoin Bank is Robocoin’s vision for creating the best experience in all of Bitcoin and unleashing it for the masses," the statement added.
In addition, the new system will enable customers to send money to recipients by addressing it to a phone number instead of a Bitcoin address, which is instantly transferred without the requirement for block chain confirmations.
The ATMs are expected to use a three-step authentication, which includes a phone number that acts as a username, a PIN and biometric palm-vein scans for added protection against banking frauds.
The company is claimed to have already installed 35 units worldwide, including Japan, Australia, London, Israel, Singapore, Canada and the US, of which 13 machines have the capability to exchange bitcoins for Yen, Australian dollars, pound sterling, Singapore dollars, shekels, Canadian dollars and US dollars, reported Finextra.
An additional 50 deployments are expected to take place over the next quarter.