Medici Ventures opens up beta version of Bitsy Wallet
Medici Ventures, Overstock.com, Inc.’s blockchain accelerator, today announced that portfolio company Bitsy.com will allow public access to the beta version of its exchange and wallet service beginning Monday, November 12, 2018.
Bitsy’s new app-based platform creates a remarkably easy, secure, and user-friendly bridge between bitcoin and the US Dollar.
During Bitsy’s beta testing phase, users can download the Bitsy app from the App Store or Google Play free of charge to securely buy, transfer, or hold bitcoins. Bitsy gives users complete control of their funds and allows for the transfer of assets directly between individuals. The app also includes an innovative and secure account recovery system to assist users in the event they lose their funds.
“The great promise of the Bitcoin white paper was to have legitimate peer-to-peer exchange of value without the need for trusted intermediaries. Few people understand, however, that with conventional Bitcoin wallets, users do not have actual possession or control of the Bitcoins they buy: their wallet-provider owns the Bitcoin and provides a contractual claim to the consumer, who must then trust that corporation. This defeats the whole purpose of crypto. Bitsy wallets, on the other hand, allow users to possess and have complete control of their cryptocurrency without the risk of lost keys. This sets a new standard for digital wallets,” said Patrick M. Byrne, Overstock.com CEO and founder. “We are excited to continue our cryptocurrency journey and integrate Bitsy’s technology with Overstock.com to offer bitcoin for sale directly from the retail site in the first half of 2019.”
“Bitsy’s goal is to make bitcoin and other cryptocurrencies more approachable and easy to use,” said Ann-Marie Hopkins, CEO of Bitsy.com. “This beta launch is just the beginning and we plan to continually update the app with security and convenience features. The full app will be ready for launch in Q1 2019.”
Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc. founded in 2014 to strategically invest in companies advancing blockchain technology to democratize capital, eliminate middlemen, and rehumanize commerce.