Medici Ventures and Overstock Inc., said Bitsy, its cryptocurrency wallet and exchange has commenced operations.
The launch is a limited beta launch of its digital wallet service that creates a simple, secure, and convenient bridge between traditional fiat currencies and cryptocurrencies.
The initial beta release of the technology will support bitcoin purchases, with additional cryptocurrencies to follow soon. 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 cryptocurrency. Biometric security insures 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.
Medici Ventures parent company, Overstock.com, Inc. (NASDAQ:OSTK), which has accepted bitcoin since January, 2014 and today accepts dozens of cryptocurrencies, 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.”
“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.”
Medici Ventures is a wholly-owned subsidiary of Overstock.com founded in 2014 to strategically invest in companies applying blockchain technology to industries where it can democratize capital, eliminate middlemen and rehumanize commerce.