“The world’s newest global bank represents an evolution in Bitcoin and a potential disruption to the massive remittance industry. The Robocoin Bank is Robocoin’s vision for creating the best experience in all of Bitcoin and unleashing it for the masses.”
The company’s existing Bitcoin ATMs around the world will serve as Robocoin Bank local branches. These will then be incorporated into Robocoin’s online banking system. Customers will be able to manage accounts from the online services. Robocoin said,
“This will enable customers to manage their bitcoin easier and more securely than ever before.”
Robocoin Global Bitcoin Bank Specifications
In order to be able to integrate with the company’s banking service; the existing Robocoin ATMs will receive new updates. With the Bitcoin bank, users will be able to send, store, and access bitcoins wherever there is a Robocoin ATM. Another key aspect is that the bitcoins can be converted into fiat currency through a phone, a pin number, and a palm scan.
The other plus factor in the equation is that bitcoins can be directly sent to phone numbers. This means that public wallet addresses or QR codes will not be needed. Users also do not have to wait too long for confirmations since the bitcoins sent through the Robocoin network get transferred automatically.
To protect customers against theft or fraud, there are three levels of authentication. Robocoin says,
“Customers can opt into accounts that are either managed or unmanaged by Robocoin – with features from 100% cryptographic proveable reserves to unmanaged multisignature transactions.”
Additional things to keep in mind from the Robocoin announcement is that a users’ private key and public address will become Robocoin accounts, buying and selling bitcoins will be termed as depositing and withdrawing. The global Bitcoin bank will be available starting in Summer of 2014.
Robocoin’s decision in branching out to become the world’s first ever global Bitcoin bank seems like a good step in maintaining Bitcoin’s strive towards further innovation.