Overstock’s blockchain company, Medici Ventures, wants to bridge the gap between cryptos and fiat currencies. The company has decided to invest in a startup known as Bitsy that works with both crypto and fiat. The information has been released by the company this week.
Medici Ventures Invests in Bitsy.com
Bitsy.com has just commenced the beta launch of a new digital wallet service. According to the company, the wallet creates a simple and secure bridge between traditional fiat currencies and cryptos.
At the moment, this initial beta release would support Bitcoin (BTC) purchases. However, new cryptocurrencies could be available in the future. This investment made by Medici Ventures is just one of the several other strategic partnerships signed in the past. Ripio is another company Medici Ventures has invested in.
Users at Bitsy are able to hold their Bitcoins and keep control over their funds. This gives them the ability to use them in the way they want. The wallet has a revolutionary system to recover funds in case they are lost or stolen.
Centralized exchanges like Coinbase hold users’ private keys. Bitsy is able to give the private keys back to their owners, making users be completely free when they use their funds. The decision has been taken by the firm because they do not want to be targeted by hackers and attackers.
During the last years, several exchanges and crypto platforms have been hacked. Most of the times, users lose at least part of their funds.
Patrick Byrne, CEO and founder of Overstock.com, explained:
“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 went on saying that the wallet has important advantages compared to other similar services in the market. Bitsy would allow Overstock to offer Bitcoin for sale directly from the retail website.
“At Bitsy, we want to make bitcoin so easy that anyone can use it,” said Ann-Marie Hopkins, CEO of Bitsy. “We are excited to have Medici Ventures and Overstock as partners in our efforts to broaden the adoption of cryptocurrency.”
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.