Puerto Rico-based Bots Inc has announced that it is exploring with a “big law firm” to sue companies that operate bitcoin ATM machines in the US.

Two weeks ago, the company received a patent for the protocols that power Bitcoin ATMs and which it believes generate millions of monthly fees.

As the owner of the intellectual property rights to the technology he claims is essential to the operation of the Bitcoin ATM network, Bots CEO Paul Rosenberg seeks the ownership of the “transaction” from the Bitcoin ATM makers:

“Royalty on each transaction is negotiated over several years. Some agreements, especially with manufacturers, may cover previous years and / or many years in the future. ”
With over 9,400 Bitcoin ATM machines installed in the United States, estimated to process 130 to 180 transactions per month, bots reckon their patents can pay $ 14 to $ 18 million in monthly fees. It is not known whether this figure was a long-standing requirement to start negotiations or whether the technology was as important as the company says.

The robots acquired US Patent Rights 9,135,787 B1 “Bitcoin Kiosk / ATM, System Integration Protocol and Method of Using the Same” on October 29th through its subsidiary First Bitcoin Capital LLC. The patent was originally filed in 2014.

First Bitcoin Capital itself received a patent in July 2019 and launched an unsuccessful campaign to secure up to $ 50 million in royalties by 2024. Since July this year, robots have begun acquiring First Bitcoin Capital’s crypto assets and related technologies. This doubled the number of patent owners.

The robots are hoping to “reach a peaceful settlement without legal action” with the US ATM operators, noting that they will “invite these operators to join the Bitcoin ATM consortium.”

The robots say they are in the process of developing a “Global Bitcoin ATM Network,” which aims to provide interoperability between Bitcoin ATM terminals, regardless of which company operates the device.

The crypto community has historically condemned the use of patents to restrict access to technology, since US financial services firm Square announced in September that it would form a consortium to fight patent capture in the blockchain and cryptocurrency sectors.

The Crypto Open Patent Alliance Squares will collect blockchain patents for all members of the shared library “to help the crypto community protect itself from patent infringers and trolls.”

Source: CoinTelegraph

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