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Medici Ventures, a wholly-owned subsidiary of Overstock.com, has announced that its portfolio company Bitsy.com has started the limited beta launch of a digital wallet service.
According to the official release, the initial beta release will support bitcoin purchases, with additional cryptocurrencies to follow soon. The digital wallet service aims to create a simple, secure, and convenient bridge between traditional fiat currencies and cryptocurrencies.
Importantly, Bitsy users hold the actual real bitcoins and exercise complete control over their funds, including the ability to move or spend cryptocurrency. The wallet’s biometric security will help protect against hacks and lost passwords. In the event a wallet is lost or destroyed, Bitsy’s key recovery system offers a unique and revolutionary way to recover funds.
“At Bitsy, we want to make bitcoin so easy that anyone can use it,” added Ann-Marie Hopkins, CEO of Bitsy. “We are excited to have Medici Ventures and Overstock as partners in our efforts to broaden the adoption of cryptocurrency.”
Overstock.com, which started accepting bitcoin back in 2014, said that it plans to use the Bitsy service to offer bitcoin for sale on the Overstock website.
“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 Patrick Byrne, CEO and founder of Overstock.com. “This new Bitsy wallet has 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.”
