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Bullet Blockchain Completes the Acquisition of the IP Portfolio Consisting of Bitcoin ATM Patents; Will Proceed With Licensing to the Industry
Reno, NV - ( NewMediaWire ) - November 14, 2022 - Bullet Blockchain, Inc. (“BULTȁ...
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[{"type":"text","content":"Bullet Blockchain Completes the Acquisition of the IP Portfolio Consisting of Bitcoin ATM Patents; Will Proceed With Licensing to the IndustryReno, NV - (NewMediaWire) - November 14, 2022 - Bullet Blockchain, Inc. (“BULT” or the “Company”), (OTCM: BULT), an advanced software development and SaaS company, specializing in blockchain technologies and Web 3.0, announced today that BULT acquired a wholly owned subsidiary from BOTS Inc., which holds the rights to U.S. Patent No. 9,135,787 - \"Bitcoin Kiosk / ATM Device and System Integrating Enrollment Protocol and Method of Using the Same.\" Known as the \"Bitcoin ATM Patent,\" this patent is related to the purchase and sale of cryptocurrencies utilizing a Bitcoin ATM or kiosk, giving customers the ability to purchase Bitcoin or other cryptocurrencies using cash, debit cards, or credit cards.Many elements of intellectual property (IP) will be \"standard-essential claims.\"  The acquired IP portfolio also includes a licensing agreement for U.S Patent No. 10,332,205 B1 (Bitcoin kiosk/ATM device and system and method of using the same). The combined patents acquired by BULT are critical for Bitcoin ATM networks to operate.Acquiring the Bitcoin ATM Patent allows BULT to proceed with several coveted licensing agreements for the Bitcoin ATM industry.  These licenses include the manufacturers of Bitcoin ATMs and top owner-operators.  BULT will also look to introduce several licensing programs for Bitcoin ATM manufacturers, which will include a per-transaction licensing fee, revenue share, or partner program with owner-operators.According to Coin ATM Radar, the US leads the world in the number of installed Bitcoin ATMs: reported to be over 34,119 nationwide. (source: Coin ATM Radar: https://coinatmradar.com).Furthermore, according to Coin ATM Radar, the Top 10 operators run 26,192 crypto ATMs (77.3%) in the US. (source: Coin ATM Radar: https://coinatmradar.com/charts/top-operators/united-states/).A recent research report was written by Grand View Research titled “Crypto ATM Market Size, Share & Trends Analysis Report By Type (One Way, Two Way), By Offering, By Coin Type (Bitcoin, Dogecoin, Ethereum, Litecoin), By Application, By Region, And Segment Forecasts, 2022 – 2030” indicated that the “g...