Overstock to Offer Bitcoin Via New Crypto-Fiat Bridge Bitsy
Medici Ventures, a subsidiary of Patrick Byrne’s Overstock.com, declared September 14th that its portfolio company Bitsy was greenlighting the beta launch of its new crypto-fiat bridge wallet. As such, Overstock announced it will use Bitsy to let users buy bitcoin via its website next year.
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Overstock Empire Continues to Embrace Crypto
Patrick Byrne has become something of a mainstay on the cryptocurrency conference circuit in recent years, and for good reason: his retail company Overstock was one of the first mainstream companies to embrace bitcoin as a payment option. Now, Overstock continues to push ahead at the vanguard of adoption, this time in declaring their intention to offer bitcoin purchases via Bitsy wallets in 2019.
The announcement comes amid Bitsy.com inaugurating the first beta run their new crypto-fiat bridge wallets, wherein users can buy bitcoin via dollars from within the wallet.
Bitsy wallets will allow users to buy and hold bitcoin and, in the future, other cryptocurrencies. The wallets will leverage biometric security and a key recovery system to ensure funds stay protected.
They’ve also been designed to be easy to use for those uninitiated in cryptocurrency, as Medici Ventures chief operating officer Steve Hopkins told Forbes:
“We’ve made usability our highest priority. We’ve spent a lot of time really understanding how people who don’t have a computer science background interact with payment applications.”
‘Gives Users the Freedom Bitcoin Has Always Promised,’ Says Byrne
Overstock CEO and founder Patrick Byrne also specified to Forbes that he expected Bitsy support to be available on the retailer’s website in “Q1 or Q2” next year.
In today’s release, Byrne said Bitsy would set a “new standard” for crypto wallets:
“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised. This new Bitsy wallet has extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”
In May 2018, Overstock’s subsidiary tZERO signed a letter of intent with BOX Digital to create a first-mover security token exchange. In June, Hong Kong-based GSR Capital agreed to invest $160 million USD into tZERO’s own security token offering (STO).
It’s clear the Overstock ecosystem is angling to be at the point of not only cryptocurrency adoption, then, but also security token acceptance.
Also notable but peripherally related is that Overstock’s former D.C. lobbyist, Kristin Smith, was just hired on at the newly formed Blockchain Association lobbying group.
What’s your take? Do you think Bitsy can be a gamechanger? Let us know in the comments section below.
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