Overstock Subsidiary Medici Ventures Announces Beta Launch Of Bitsy Crypto Wallet

Announcements, News | November 9, 2018 By:

Medici Ventures, the blockchain branch of retail giant Overstock, has announced that its portfolio company Bitsy.com will launch a beta version of its exchange and wallet service on November 12.

Bitsy is a Utah-based company building a blockchain-based bridge between fiat and cryptocurrencies. It uses Netki-developed facial biometrics-based application security and key recovery functionality. The recovery system offers a unique and revolutionary way to recover funds. Unlike other wallet providers which do not let users actually hold their coins by using only derivative claims on coins owned by the provider, Bitsy will allow users to hold the actual real cryptocurrencies and have complete control over their funds, including the ability to move or spend cryptocurrency.

During the beta testing phase, Bitsy will support bitcoin purchases. Users will be able to download the Bitsy app from the App Store or Google Play free of charge. The full app will be ready for launch in the first quarter 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. “This beta launch is just the beginning and we plan to continually update the app with security and convenience features.”

Patrick M. Byrne, Overstock.com CEO and founder, said that 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,” Byrne said. “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. 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.”