Overstock.com Will Sell Bitcoin On Its Site Via Portfolio Company

Blockchain, Investing, News | September 14, 2018 By:

Medici Ventures, the blockchain technology subsidiary of Overstock.com, has announced that its portfolio company Bitsy.com has begun a limited beta launch of a digital wallet service supporting bitcoin purchases. 

The initial beta release will support bitcoin only, but additional cryptocurrencies are expected to follow soon. Bitsy users hold the actual real bitcoins and have complete control over their funds, including the ability to move or spend cryptocurrency. Biometric security will safeguard against hacks and lost passwords. In the event a wallet is lost or destroyed, Bitsy’s key recovery system offers a way to recover funds.

Medici Ventures parent company, Overstock.com, Inc. has accepted bitcoin since January 2014,  and today accepts dozens of cryptocurrencies. It 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.”

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.