Robocoin to cut short operators who do not adopt proprietary wallet platform

Monday 10 November 2014 14:24 CET | News

Robocoin, a Bitcoin ATM manufacturer, has recently issued its policy to stop collaborating with Bitcoin-based partners who refuse to line up with its proprietary wallet platform requirements.

Additionally, Robocoin has indicated that any operator who does not upgrade would see their machines disabled remotely as of 7 November 2014, reports.

Co-founder and CTO of Robocoin, John Russell, and CEO Jordan Kelley sought to frame the customer outrage as a response to the companys new KYC standards, while arguing that its new wallet service was necessary as it could no longer afford to continue providing retail customers of its machines with poor experiences.

Russell suggested that the new software upgrade addresses multiple issues reported by operators and customers, while Kelley stressed that end users would still be able to transfer Bitcoin they receive from their Robocoin wallet to another wallet of choice.

Although some operators have raised eyebrows to Robocoin’s policy as an attempt to “centralize” Bitcoin, others believe Robocoin’s decision to upgrade its wallet platform, while embracing regulation, makes sense from a long-term strategic perspective. Notably, this group saw the upgrade issue as one that was primarily about a small group of operators wishing the company not to comply with its legal directives.

Such supports include Patrick Hamilton, National Bitcoin LLC CEO who has claimed that his firm would purchase any unwanted machines from those who sought to get rid of their machines over the decision. More so, Robocoin has said that it will provide logistical support to any operator that wishes to discontinue its relationship with the company.

Likewise, Michael Smyers representative of ATM operator Coinme argued that the Bitcoin industry must comply with regulatory directives if it is to survive on the long term, while calling for operators to puttheir differences aside for the good of Bitcoins long-term agenda.

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Keywords: Robocoin, operators, proprietary, wallet, platform, Bitcoin, cryptocurrency, digital currency, centralisation
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3