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Michigan company to purchase patent covering bitcoin ATM transactions

December 28, 2017

DNA Dynamics Inc. has announced that its U.K. subsidiary, DNA Interactive Ltd., has signed a binding term sheet to acquire a patent that requires bitcoin ATM operators to pay a royalty on every bitcoin ATM transaction conducted in the U.S.

According to a company press release release, the number of bitcoin ATMs has grown from approximately 500 a little more than a year ago to nearly three times that number today.

Approximately 10 new units are installed daily in the U.S. The total number of bitcoin ATMs could surpass 5,000 in 2018 with transactions reaching upwards of 250,000 annually by 2019, the release said.

"Cryptocurrency is an incredibly exciting market to be involved in at this time and having the ability to earn a royalty on bitcoin transactions undertaken on the fast-growing bitcoin ATM market puts us in a central position to monetize on the bitcoin boom," DNA CEO Carl Grant said in the release. "The patent allows for a royalty to be collected on each installation as well as on every single bitcoin transaction, giving this asset alone the potential to generate well over $1 million in revenue each year."

Grandville, Michigan-based DNA Dynamics focuses on skills-based gaming. The company is building a portfolio of assets around gaming- and cryptocurrency-related assets, the press release said.