Gold Cube Shares Its Newest Crypto Payments and Transfers Application For Patents
The manufacturer of the first gold ATM in the world, Gold Cube, has announced today that the company has applied for a new patent in the United States.
According to the company, the new patent will be called
“Gold and Precious Metal Buying Machine Further Configured To Buy Crypto Currency for Cash Dispensed by Machine and to Buy Gold and Precious Metal Items from Customers in Exchange for Crypto Currency”.
This is a rather long name, but it kind of explains very well what the company is setting out to do here. Basically, you use a gold ATM like the ones the company already have in order to buy crypto, or you can use gold to buy crypto. It’s really just an unnecessarily long name for such a simple idea.
The new patent will be based on technology that the company already have: its gold buying machines, which are already in the market for a while now. Initially, these machines were created to make it easier to buy and sell precious metals, which would make the market more accessible.
In fact, the old product of the company already had quite a unique value proposition. Just like the so-called Bitcoin ATMs, this ATM would be useful to buy jewelry or precious metals with the same kind of simplicity that you can get when you use an ATM.
By adding the new crypto-based services, the company is uniting gold with the digital gold, Bitcoin, which makes its product even more interesting than it was before. With products like this one, these two industries can get considerably more intertwined by being tradeable by each other.
According to the CTO of Gold Cube, Mykel Douglas, the patent-pending technology will be a method of payment that will make matter considerably easier for the clients of the company. He said that the management is confident that this will be an important expansion in the intellectual property of Gold Cube and that will give long-term exclusivity to the products, which will make the company grow.
The company was originally created in 2013 and it is the leading manufacturer of gold-focused ATMs. It is focused on innovation in the sector since then. At the moment, Gold Cube has over 95 ATMs in several locations.