DNA Dynamics to acquire Bitcoin ATM patent

DNA Dynamics, Inc said its UK subsidiary DNA Interactive Limited signed a binding term sheet to acquire a patent “that requires any Bitcoin ATM operator to give a royalty on every Bitcoin ATM transaction throughout the US.”

DNA said the “Bitcoin ATM” is relatively new with the number of units growing “from 500 just over a year ago to nearly three times that number today.”

“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,” said DNA Dynamics.

DNA Dynamics CEO Carl Grant said: “Crypto-currency is an incredibly exciting market to be involved in at this time and having the ability to earn a royalty on Bitcoin transactions undertaken on the fast-growing Bitcoin ATM market puts us in a central position to monetize on the Bitcoin boom.

“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 $1m in revenue each year.”