First Bitcoin Capital Plans On Bitcoin ATM Centralization

First Bitcoin Capital Corp. has a fascinating history behind it. It was initially a Venezuela-based gold mining outfit that turned into a crypto startup of multinational proportions. Quite recently, First Bitcoin managed to get registered with the SEC. Greg Rubin, the CEO of First Bitcoin Capital, states that it’s part of the first step in a grander plan: A plan to centralizing the fragmented Bitcoin ATM services into one consolidated network.

Trying To Unite Small-Time Operations

He saw that small-time operators usually run most Bitcoin ATM services. He has made plans to link them all together into a comprehensive Know-Your-Customer (KYC) compliant system. This network will have a proper transaction monitoring system while complying with all the regulations applicable to it. With this, Rubin plans to streamline every back-end aspect of the BTC ATM business.

Rubin explained that he envisions a consortium of BTC ATM operators, then connect them all by way of a global ATM network. According to Rubin, this consortium will roll out within this year.

Active in the World

For years now, First Bitcoin has been an active member of the crypto industry. At the time, it offers a crypto exchange that only trades in BTC, as well as its BTC ATM services. Back in 2017, however, there were some dark clouds over it: The SEC had temporarily suspended the trading of the company’s shares.

5 Top US Malls Now Have Bitcoin ATMs

The entire plan that First Bitcoin and Rubin have, rests squarely on the shoulders of a patent it acquired in the US, patent number 9,135,787 B1. This patent is otherwise referred to as the “Bitcoin Kiosk/ATM Device and System Integrating Enrollment Protocol and Method Of Using The Same.” First Bitcoin had forked out 1.6 million in its shares to gain control of the patent last Summer, according to the filing of the SEC

Ruben has insisted that the patent will serve more than just a legal bludgeon. He has already expressed to the world that he has no intention of becoming a so-called patent troll: Someone who scoops up patents and rights to properties, promptly suing for various infringements to try and make a profit thereof. To drive this home, Rubin jokingly stated that he doesn’t want to “send two big Italian guys with baseball bats” to make sure the patent isn’t breached.

First Bitcoin will instead leverage the patent to create inroads among the various operators, with Rubin assuring that the relationship will be mutually beneficial. First Bitcoin will instead charge a flat fee, one comparable to standard ATM fees, and mandate operators to meet regulatory compliance via the planned network.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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