Bitsy, a portfolio company of Overstock.com’s blockchain venture capital firm, Medici Ventures, announced last week that it has launched a limited beta version of its digital wallet service that offers a simple way to purchase cryptocurrency directly with fiat.
— Medici Ventures (@medici_ventures) September 14, 2018
According to the announcement, the initial beta will only support Bitcoin purchases, but the company plans to add additional digital currencies in the near future. Each purchase provides users with real Bitcoin, meaning that users have complete control over their funds and can send them to any external wallet.
Perhaps the most notable component of the Bitsy wallet is the company’s key recovery system, which allows users to easily recover their funds if ever their wallets are lost or destroyed,
Patrick Byrne, CEO and founder of Overstock (OSTK), revealed in the announcement that he plans on bringing the Bitsy wallet functionality to Overstock’s main retail website, allowing visitors to directly purchase Bitcoin.
[I]ntegrating 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.
Byrne made headlines last week after he sold 10% of his stock holdings, roughly equaling $20 million, in an apparent effort to re-invest in blockchain projects. In an accompanying letter to stakeholders, Bryne shares that he will be re-investing a majority of the proceeds alongside Overstock and Medici Ventures.
The integration of the Bitsy wallet onto Overstock will likely work to further boost adoption of digital currencies while growing the company’s Bitcoin-related revenue that currently stands around $120,000 per week.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.