Overstock.com’s Bitsy Wallet Rolls Out Bitcoin Trading

In a press release published on September 14, Overstock said that it will use Bitsy.com to make bitcoin available to its users on the Overstock.com website.

0

Overstock.com (OSTK) will soon let its customers buy bitcoin and other cryptocurrencies via Bitsy, a crypto wallet and exchange platform.

In a press release published on September 14, Overstock said that it will use Bitsy.com to make bitcoin available to its users on the Overstock.com website.

Medici Ventures, the blockchain arm of Overstock.com has said that the portfolio company has already launched a limited beta version of its cryptocurrency wallet and exchange service.

Bitsy, unlike other platforms that offer non-custodial holdings, will allow users access to custodial services. According to their press release, it means users will hold real bitcoins instead of through derivatives.

The service will only offer Bitcoin (BTC) at launch but has indicated efforts are being made to allow users to hold altcoins as well.

Users will have control over their holdings and can spend or move them, with the company providing the ability to recover passwords through biometric security.

Bitsy is a game-changer

Overstock was among the first companies to begin accepting bitcoin payments in 2014. It has had a special relationship with the top crypto, the share price of its stock seemingly tracking the performance of BTC.

Now customers of the Utah-based online retailer will be able to buy bitcoin directly, a development that Overstock CEO Patrick Byrne said will be a game-changer.

“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised.”

He continued that integrating with Bitsy is a definite step forward for Overstock as it looks to venture further into cryptocurrency trading.

Bitsy CEO Ann-Marie Hopkins said that their aim is to make access to bitcoin easy for the everyman.

Bitcoin use made easier

Bitsy seeks to create a bridge that will provide users with simple, secure, and convenient access to cryptocurrencies.

The wallet offers clients an easy-to-use interface that will suit first time users of bitcoin.

It will streamline wallet addresses, transaction details, and all other details that appear to be too technical for first time users, while at the same time providing advanced analytics and tools to experienced users.

“If you don’t want to worry about the technical stuff, you don’t have to. Of course, you have access if you want to look at the verifications.”

The firm’s website explains how it works and states that users will access their wallets using facial recognition technology.

Buying bitcoin will be as simple specifying the amount of crypto you want to buy in U.S dollars before receiving the funds in BTC directly to your wallet.

It’s also much simpler when sending bitcoin to another user. Instead of struggling with bitcoin addresses, the Bitsy wallet will default to a QR code.

Bitsy’s CEO also explained that their motivation is to make bitcoin more mainstream and more usable. One way of doing so, according to her, is to make the technology more approachable.

In the beginning, customers will only be able to move funds, transferring from one user to another. However, there are plans to make the platform offer on-ramp functionalities that will allow customers to actually pay for goods and services with their crypto tokens.

Leave A Reply

Your email address will not be published.