Former ATM Maker Robocoin Ends Bitcoin Services

Author: Cleopatra

The Romit remittance service, which was developed by bitcoin ATM developer Robocoin, has said it is shutting down its bitcoin service.

The company notified its customers today that it has suspended its Bitcoin services and encouraged customers to withdraw their funds. Romit, which provides a wallet service designed to facilitate global remittance payments, plans to officially end its Bitcoin services on February 15, according to a text message sent to users.

When CoinDesk asked Romit about the incident, Romit responded to CoinDesk in an email, saying:

“We are ending our Bitcoin service. Please log into your wallet and withdraw any remaining Bitcoin deposits immediately.”

The email also mentioned that withdrawals "may take some time" due to increased website traffic.

The suspension comes a few months after Romit transitioned from a bitcoin ATM hardware business model to a software and remittance business. Romit’s website shows that the company is moving towards traditional payments, providing credit card storage services to mobile payment users.

Once known as Robocoin, the company was one of the first to enter the bitcoin ATM industry, a position that has been eroded by criticism from operators over hardware and software issues and allegations that refunds were intentionally concealed. These controversies ultimately led some Robocoin operators to switch to other hardware and software suppliers.

Romit did not immediately respond to questions about the motivation for shutting down the service and why it was shut down at this time.

JPM compiled from

Coindesk, Former ATM Maker Robocoin Ends Bitcoin Services, by Stan Higgins.