Today, Medici Ventures has announced that its portfolio company Bitsy.com has launched the limited beta version of a high-tech digital wallet service that aims to develop a simple, secure and convenient bridge between legal currencies and cryptocurrencies.
Bitsy Wallet to offer great new features
The initial beta version of the wallet will support Bitcoin (BTC) transactions, with more coins to be tracked as soon as possible. Unlike other wallet providers that only use coin-based credit derivatives held by the provider, Bitsy users hold actual physical Bitcoins through ownership of a private key. They maintain complete control over their funds, including the ability to transfer and spend. Biometric security measures such as fingerprint scanning and facial recognition will help protect against lost hacks and passwords. In the event that a wallet is lost or destroyed, Bitsy's key recovery system will offer a unique way to recover funds, a patent-pending mechanism for regenerating private keys in dire situations.
Medici Ventures is a wholly owned subsidiary of Overstock.com founded in 2014 to support investments in startups that apply blockchain technology to industries in innovative ways. Overstock.com Inc. (NASDAQ: OSTK), the parent company of Medici Ventures, has accepted Bitcoin since January 2014 and today accepts dozens of cryptocurrencies as payment. Overstock plans to use the Bitsy service to offer Bitcoin for sale on the Overstock website in the first or second quarter of 2019.
Overstock CEO Patrick Byrne is enthusiastic about Bitsy
Overstock CEO Patrick Byrne said:  Set of Bitsy a new standard for cryptocurrency portfolios. It is a turning point because it offers users the freedom that Bitcoin has always promised. This new Bitsy wallet has an extraordinary advantage in terms of convenience compared to anything currently on the market. In addition to setting a new standard for cryptocurrency portfolios, Bitsy's integration will enable Overstock to take the next step in its cryptocurrency journey by enabling the company to offer bitcoins for sale directly from the website.
Ann-Marie Hopkins, CEO of Bitsy, said:
In Bitsy, we want to make Bitcoin so easy that anyone can use it. We are thrilled to have Medici Ventures and Overstock as partners in our efforts to expand the adoption of cryptocurrency.
Byrne personally evangelized Bitcoin and cryptocurrency for many years, and Overstock was one of the first big companies to accept not only Bitcoin but also invests in blockchain companies. Byrne is not upset by the long bear market and reiterated Overstock's commitment to blockchain technology. While cryptocurrency becomes more popular and mainstream, the competition between purses and wallets thrives with new innovators.
What do you think of Bitsy's innovative new portfolio? Would you use it? Let us know in the comments below!
Images courtesy of Irish America Magazine, Shutterstock.