ROBOCOIN ROLLS OUT ROMIT GLOBAL BITCOIN REMITTANCE SERVICE

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Robocoin, a pioneer in bitcoinATMs, has announced the rollout of Romit, which it bills as the cheapest and fastest money-transfer service in the world. The new cash remittance application leverages the bitcoin block chain. Any web-enabled kiosk, ATM or cashier can offer Romit KYC (know your customer)-compliant money transfer services. The service can send money to a smartphone, tablet or PC. By using the bitcoin block chain, the Romit remittance solution circumvents Forex foreign exchange fees, wire transfer fees, and banking requirements. The service could extend Robocoin’s role in the emerging global remittance market. Send money in three easy steps The Robocoin website explains how to send money using Romit in three steps: 1) Enter the recipient’s phone number. 2) Select the destination country. 3) Insert cash into an ATM, or hand the cash to the cashier. Romit then sends a confirmation text message to the recipient with the amount sent and the pickup location. The cash-to-bitcoin-to-cash settlement occurs immediately. Customers do not have to create bitcoin wallets to send money. The Robocoin bitcoin wallet name has changed to Romit. The website presents a cost comparison between Romit, Western Union and Moneygram for sending money from the U.S. to the …