The idea of a Bitcoin ATM machine by inventors John and Mark Russell was transformed into a patent application, which was filed on April 4, 2014. The patent application was granted as US Patent 9,135,787 more than a year later on September 15, 2015.
More than two years later, the Bitcoin ATM Patent was acquired by the US firm DNA Dynamics, through its UK Subsidiary, DNA Interactive Limited.
DNA Dynamics states that:
The patent requires any Bitcoin ATM operator to give a royalty on every Bitcoin ATM transaction throughout the US.
DNA reports that the ‘Bitcoin ATM’ is relatively new and has seen the number of units grow from 500 just over a year ago to nearly three times that number by the end of 2017. With nearly ten new units now being installed each day across the US the number could reach well over 5000 in 2018 with the number of transactions reaching upwards of 250,000 per annum by 2019.
According to DNA, they have started contacting bitcoin ATM manufacturers and operators and working with them to license the use of the patented technology for ongoing royalty payments.
DNA CEO Carl Grant commented:
The patent allows for a royalty to be collected on each installation as well as on every single bitcoin transaction, giving this asset alone the potential to generate well over $1million in revenue each year.