(MENAFN- GlobeNewsWire - Nasdaq) The Law Offices of J.S. Hindi has been retained to target unlicensed bitcoin ATM operators and seek justice for consumers through litigation against violators Bullet Blockchain's Intellectual Property Portfolio is critical for Bitcoin ATM networks to operate and the Company plans to introduce several licensing programs for operators
Unlicensed Bitcoin ATMs have emerged as potential hazards, leaving users vulnerable to illicit activities, fraudulent transactions, and other financial risks
RENO, NV, Sept. 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Bullet Blockchain, Inc. (“BULT” or the“Company”), (OTC: BULT), a pioneering software development and SaaS company at the forefront of blockchain technologies and Web 3.0, announces the retention of the esteemed Law Offices of Jibrael S. Hindi, PLLC, South Florida's Premier Consumer Protection Law Firm. The retention aims to collaborate and fortify consumer protection within the realm of cryptocurrency by ensuring that Bitcoin ATM users are shielded from the risks associated with unlicensed Bitcoin ATMs violating BULT's Bitcoin ATM patents.
As previously announced , BULT acquired First Bitcoin Capital LLC, which owned an intellectual property portfolio consisting of the rights to two Bitcoin ATM patents (the“IP Portfolio”). By virtue of its subsidiary, First Bitcoin Capital LLC, BULT's IP Portfolio of combined patents are critical for Bitcoin ATM networks to operate. BULT plans to introduce several licensing programs for Bitcoin ATM manufacturers, which will include a per-transaction licensing fee, revenue share, or partner program with Bitcoin ATM owner-operators. As BULT's first patent was filed in 2014, BULT will also be seeking royalties for past violations.
As the adoption of cryptocurrencies continues to surge, so do the concerns surrounding consumer safety. Unlicensed Bitcoin ATMs have emerged as potential hazards, leaving users vulnerable to illicit activities, fraudulent transactions, and other financial risks. Understanding the paramount importance of consumer protection, Bullet Blockchain has proactively taken this step to safeguard the interests of cryptocurrency enthusiasts.
The Law Offices of Jibrael S. Hindi brings a wealth of experience in consumer protection law, specializing in advocating for the rights of individuals facing issues related to financial services. With a proven track record of success and an unwavering commitment to upholding consumer rights, their collaboration with Bullet Blockchain is a significant stride towards creating a safer environment for Bitcoin ATM users.
"We are thrilled to join forces with the Law Offices of Jibrael S. Hindi to address a pressing concern in the cryptocurrency space," said Simon Rubin, CEO at Bullet Blockchain. "This collaboration exemplifies our dedication to not only providing innovative solutions but also ensuring that our users can engage with our products securely. By working together, we aim to set a new standard for consumer protection in the industry."
Bitcoin ATMs have experienced significant growth in the United States, driven by the increasing demand for convenient cryptocurrency transactions. According to the website CoinATM Radar , there were nearly 29,300 Bitcoin ATMs in the United States and nearly 2,800 Bitcoin ATMs in Canada as of the time of this release. Through the retention of The Law Offices of Jibrael S. Hindi, violators of BULT's IP Portfolio will be aggressively pursued to bring those unlawful actors into compliance.
The retention and collaboration with The Law Offices of Jibrael S. Hindi reflect Bullet Blockchain's commitment to fostering a secure and transparent cryptocurrency ecosystem. By harnessing a team of industry leading legal experts, the Company aims to set an example for the entire industry, demonstrating the importance of collaboration in mitigating risks and safeguarding consumers.
“Protecting consumers and holding wrongdoers accountable in the financial industry is ingrained in the DNA of the firm,” says Jibrael Hindi, Managing Partner of The Law Offices of Jibrael S. Hindi, PLLC.“As technology and the crypto space advance at such a rapid rate, the skills and knowledge required by consumer protection firms must also be at the forefront of these leaps in technology. Working with Bullet Blockchain, my team will be able to adequately identify consumer risks and have the capability of addressing them from a legal enforcement perspective. My firm takes pride in investing significant resources to position itself as being the go-to firm to handle such tasks.”
About the Bitcoin ATM Industry
Bitcoin ATMs are becoming increasingly popular, as they offer a convenient way for people to access the Bitcoin market. As more people recognize the potential of Bitcoin and seek to participate in the Bitcoin market, the need for accessible on-ramps becomes crucial without relying on online brokers or exchanges. Bitcoin ATMs allow users to conveniently buy and sell Bitcoin for cash using a free-standing kiosk similar in size to a traditional ATM machine. The process is simple and secure, and users can typically complete a transaction in minutes. These automated machines allow individuals to buy or sell Bitcoin using cash, providing a seamless bridge between traditional fiat currency and the world of digital assets. As the adoption of cryptocurrencies continues to rise, the future of Bitcoin ATMs in the United States appears promising.
About Bullet Blockchain
Headquartered in Reno, Nevada, Bullet Blockchain Inc. – common stock is publicly traded on the OTC Markets under the symbol (BULT) – is a diversified software development and SaaS company, specializing in blockchain technologies and Web 3.0, and through its wholly owned subsidiary, First Bitcoin Capital LLC, the owner and licensor of two Bitcoin ATM patents. BULT is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to rapid growth and increasing the shareholders' value.
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