$BULT Bullet Blockchain Receives First Royalty Payment Under Patent Licensing Program
Bullet Blockchain’s subsidiary, First Bitcoin Capital LLC, continues to pursue unlicensed violators of Bullet Blockchain’s Intellectual Property
BULT has introduced several licensing programs for Bitcoin ATM manufacturers, which include a per-transaction licensing fee, revenue share, or partner program with Bitcoin ATM owner-operators
RENO, NV, Nov. 08, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Bullet Blockchain, Inc. (“BULT” or the “Company”), (OTC: BULT), a pioneering software development and SaaS company at the forefront of blockchain technologies and Web 3.0, is pleased to announce that the Company’s subsidiary, First Bitcoin Capital LLC, has executed the first patent license and royalty agreement with a Bitcoin ATM operator and received its first payment under its terms. BULT has introduced several licensing programs for Bitcoin ATM manufacturers, which include a per-transaction licensing fee, revenue share, or partner program with Bitcoin ATM owner-operators. The Company will continue to pursue unlicensed Bitcoin ATM operators and manufacturers violating the Company’s Bitcoin ATM intellectual property portfolio.
Simon Rubin, Chief Executive Officer, commented: “As Bullet Blockchain advances, we look forward to collaborating with Bitcoin ATM owner-operators and assisting their continued operations. Through First Bitcoin Capital’s patent portfolio, we own intellectual property that is enforceable under federal law. As a result, we look forward to working with Bitcoin ATM manufacturers and Bitcoin ATM owner-operators to bring them into compliance in a significant and expanding market.”
As previously announced, BULT acquired First Bitcoin Capital LLC, which owned an intellectual property portfolio consisting of the rights to two Bitcoin ATM patents. By virtue of its subsidiary First Bitcoin Capital LLC, BULT’s intellectual property includes US Patent Nos. US9135787B1 “Bitcoin kiosk/ATM device and system integrating enrollment protocol and method of using the same” (US9135787B1) and US10332205B1 “Bitcoin kiosk/ATM device and system and method of using the same” (US10332205B1) which are extant. The combined patents acquired by BULT are critical for Bitcoin ATM networks to operate. BULT plans to introduce several licensing programs for Bitcoin ATM manufacturers, which will include a per-transaction licensing fee, revenue share, or partner program with Bitcoin ATM owner-operators. As previously announced, BULT has retained counsel to target unlicensed Bitcoin ATM operators and manufacturers.
As the adoption of cryptocurrencies continues to surge, so do the concerns surrounding consumer safety. Unlicensed Bitcoin ATMs have emerged as potential hazards, leaving users vulnerable to illicit activities, fraudulent transactions, and other financial risks. Understanding the paramount importance of consumer protection, Bullet Blockchain has proactively taken this step to safeguard the interests of cryptocurrency enthusiasts. Bitcoin ATMs have experienced significant growth in the United States, driven by the increasing demand for convenient cryptocurrency transactions. According to the website CoinATM Radar, there were nearly 27,456 Bitcoin ATMs in the United States and nearly 2,908 Bitcoin ATMs in Canada as of the time of this release. Bitcoin ATMs are becoming increasingly popular, as they offer a convenient way for people to access the Bitcoin market. As the adoption of cryptocurrencies continues to rise, the future of Bitcoin ATMs in the United States appears promising.