Overstock Blockchain Subsidiary Medici Ventures’ Bitsy Crypto Wallet Launches
Bitsy Wallet Launches Beta Version
Medici Ventures, recently announced that Bitsy.com has commenced the limited beta launch of a digital wallet service that creates a simple, secure, and convenient bridge between traditional fiat currencies and cryptocurrencies.
The beta launch of the crypto wallet will only support Bitcoin at first, with other cryptocurrencies expected to soon follow. The company explains that unlike other wallet providers which do not let users actually hold their coins by using only derivative claims on coins owned by the provider, Bitsy users hold the actual real bitcoins and have complete control over their funds, including the ability to move or spend the digital currency. Interestingly, the Bitsy wallet is said to have a “unique and revolutionary” way to recover your funds in case you happen to lose your password or the wallet is inadvertently destroyed.
The investment marks one of several that Medici Ventures has made in recent years as its parent company, under the leadership of CEO Patrick Byrne, continues to tout blockchain technology’s long-term prospects.
“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” said Byrne.
“This new Bitsy wallet has an extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”
To use the new product, users purchase their desired amount of bitcoin in U.S. dollars, and the crypto “goes right into your wallet.,” according to Hopkins. To transfer bitcoin to someone else, the wallet defaults to a QR code instead of a bitcoin address.
While the announcement comes with crypto markets in a rocky state, Byrne shrugged off such concerns and stressed that Overstock’s commitment to crypto surpasses any short-term woes – likening the turbulence to the early days of the internet.
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Overstock.com is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement.