Grandville, Michigan-based DNA Dynamics, Inc. said its UK subsidiary, DNA Interactive Limited, appointed Suffern, New York-based patent brokerage IPOfferings LLC, the company that recently brokered DNA’s ATM Bitcoin patent acquisition, to oversee the monetization of the patent.
DNA had said on December 19 its UK subsidiary 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 Dynamics’ CEO Carl Grant said: “This relationship will see IPOfferings using their years of expertise in the patent business to put cash on DNA’s bottom line.
“Our own calculations internally see this as a multi-million-dollar revenue stream.
“It’s shaping up that 2018 could see over 5,000 ATM Bitcoin individual locations from more than 14 vendors with up to 18,000 by 2020.
“Even if we achieve less than the $1.00 per transaction we are aiming to see, it’s still a significant amount in revenues from this operation.”
DNA said the deal will see IPOfferings become the exclusive licensing agent for DNA in the US.
DNA said IPOfferings will begin immediately in the New Year by contacting all Bitcoin ATM manufacturers and operators “and working with them to license the patent and pay royalties to DNA.”
Alec Schibanoff, VP at IPOfferings, said: “Having helped structure the acquisition that makes DNA the exclusive Master Licensor of U.S. Patent No. 9,135,787 for a ‘Bitcoin Kiosk/ATM Device and System Integrating Enrollment Protocol,’ we are confident that we can license all of the majors players in the ATM bitcoin space.
“We are excited at this opportunity and look forward to using our expertise and resources to drive revenues into DNA.”