Medici Ventures, a subsidiary of Overstock.com, which endeavors to advance blockchain technology, has announced the beta launch of Bitsy.com, a wallet and exchange platform.
Empowering Users To Hold And Control Their Cryptocurrency
Bitsy.com was created as a secure, simple and opportune connection between cryptocurrencies and fiat currencies.
The initial beta launch of Bitsy.com will back bitcoin purchases and will soon support a few other cryptocurrencies.
Bitsy empowers users to hold their own cryptocurrencies, granting them complete control over their funds, including the ability for users to transfer or spend their altcoins. This is a distinct feature to Bitsy, in that other wallet providers do not allow users to hold their coins; instead they use derivative claims on coins owned by the provider.
The wallet is safeguarded through biometric security, which wards off instances of hacks and lost passwords. In the event that a wallet gets lost or destroyed, Bitsy has a key recovery system in place that will help retrieve the funds.
Patrick Byrne, the CEO and Founder of Overstock.com, considers Bitsy a convenient platform for Bitcoin, as it will give users that freedom that Bitcoin had initially promised. Additionally, the platform will bolster Overstock’s position in the cryptocurrency space.
“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” Byrne said.
The CEO added:
“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.”
Marrying The Vision Behind Overstock & Medici Partners
Medici Ventures’ parent company, Overstock.com, Inc. has accepted bitcoin since January 2014 and presently accepts a number of cryptocurrencies. It plans to use the Bitsy service to offer bitcoin for sale on the Overstock website.
Founded in 2014, Medici Ventures is a wholly-owned subsidiary of Overstock.com. It was built to manage Overstock’s investments in the firms that apply blockchain technology to industries in which it can eliminate middlemen. Medici Ventures has a portfolio of pioneering blockchain-based investments, which now includes Bitsy.
Bitsy couples Medici’s core of disrupting via blockchain technology and Overstock’s expansion into the cryptocurrency industry with its signature wallet.
“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.”
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