Medici Ventures, the venture capital arm of e-commerce retailer Overstock, announced on Friday that its portfolio company had launched the beta version of a digital wallet solution that allows the conversion of cryptocurrencies and fiat currencies in a convenient and secure manner. The first release will allow users to buy and store Bitcoin, with more digital coins to be added soon. Bitsy claims that it will enable its users to actually hold BTC rather than just the derivative claims on it, unlike many other wallet and exchange services out there.
The service will rely on biometric security to prevent hacks and the loss of passwords. When the password is lost or a wallet is destroyed, Bitsy users will apply a key recovery system that will let them recover the funds.
Medici Ventures parent, Overstock, intends to use Bitsy’s service to provide clients with Bitcoin for sale services on its site. The company has accepted Bitcoin payments since 2014.
Overstock founder and CEO Patrick Byrne commented:
“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised. 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,” he explained.
Medici Ventures was founded by Overstock in 2014 to invest in blockchain and DLT-oriented companies. The company’s portfolio is continually growing, and it also includes blockchain company tZERO.
Last week, we reported that Patrick Byrne had sold $20 million worth of Overstock’s stock. He said that most of the funds would be used to reinvest in the company and Medici Ventures.