Overstock.com is a crypto-friendly online retailer. They have announced their plans to sell bitcoin via its website officially by the first half 2019. To enable this service, Bitsy, a portfolio company and crypto wallet of Medici Ventures has backed the retailer. Medici Ventures, Overstock’s subsidiary that is blockhain-focused, currently has investments in 18 ventures.
In an interview with Forbes Patrick Byrne, founder and CEO of Overstock, revealed the launch of Bitsy’s beta. He also noted that the goal is to integrate the wallet fully into the Overstock website by the beginning of next year. He said:
He said, “We will offer this through Overstock.” “We expect to offer bitcoin in Q1 or Q2 next year.”
Byrne said that the bear market in cryptocurrency is similar to the turbulence of the early internet days. He also stressed that Overstock’s dedication to crypto would see them through their short-term problems. He said:
“When all the dot-com companies crashed, it wasn’t because of something wrong with internet technology. While coins will come and go, we are long-term believers in blockchain technology. Overstock is the bridge between these two universes. This will be something you’ll see us bring to our retail consumers.
The Bitsy Wallet
It aims to be a bridge between crypto and fiat realms. It is expected to complete its beta testing phase by the end of 2018. The platform will include features that appeal to both crypto purists as well as novices. Overstock’s core customer segment, which includes middle-aged women, may not be tech-savvy, is one example.
Hardcore investors may have actual physical possession, and not just a contractual right to a bitcoin that is held on an exchange or with another custodian. Byrne explained:
“The whole purpose of crypto is to have a currency that no authority can control. This is crypto as it is intended to be.
It is designed to be user-friendly and allow users to explore digital assets without having to learn complex computer jargon. Steve Hopkins, Medici’s general counsel and COO, said:
“We have made usability our top priority. We spent a lot time understanding how people without a background in computer science interact with payment applications.
One, the wallet will include biometric security measures like fingerprint scanning and facial recognition to verify identity. Patent-pending key recovery technology will allow the user to reactivate their private key in extreme situations. This reduces the risk that one might lose their holding forever if their smartphone is stolen or destroyed. Byrne added:
“Bitsy is a new standard in cryptocurrency wallets.” It offers something quite unique compared to other wallets on the market.