A blockchain-crypto division of Overstock.com, Medici Ventures, has finally acquired Bitsy.com for an aim to merge the ecosphere of online retail along with decentralized digital cash that facilitated in the new biometric wallet of Bitsy.
The recent downward charts of cryptocurrency are believed to end at some time, and the future of the charts can only be described by the companies that have prepared for the time as compared to those who made plans to retract their funds from the industry.
Patrick Byrne, CEO of Overstock, reportedly announced that Bitsy has managed to set new standards for the industry in cryptocurrency wallets. Also, they see the new standards as a “game-changer” as it will allow the users with a freedom which was always an expectation from Bitcoin. The new cryptocurrency wallet from Bitsy has therefore provided an advantage when it comes to convenience and everything that currently is in the market.
Along with that, the cryptocurrency revolution in the market, the partnership with Bitsy shall allow Overstock for taking a step further in its cryptocurrency journey by making it possible for the company to offer bitcoin for sale directly through the retail website. The announcement also detailed that Bitsy has started their limited beta launch featuring the digital wallet service that will create convenient, secure and simple conjunction between cryptocurrency and traditional fiat currency.
If the digital wallet services are to compare with crypto exchanges and banks, the former holds a niche over it as they do not hold any clients’ keys which mean that they hold no liabilities towards matching sellers and buyers. Bitsy team also works dedicatedly for the regulations related to anti-money laundering. However, the company won’t be the one to involve itself in censoring those transactions for anything less than entirely lawful activity.
A company that provides the services to merge two different industries of the world automatically relates to secure international crypto transfers too as provided by Overstock’s plans and it is something that centralized exchanges avoid altogether.
It is notable for Medici to conjure up so many big companies in its team to promote cryptocurrency trading in the industry. However, even after delivering a strong motive for connecting itself positively with cryptocurrency, the company hasn’t seen gains because of this. Even so, the CEO Byrne trusts the impact and effect of crypto trading and the large-term picture.
For making the wallet service more unique, Overstock has left nothing to the imagination. The latest wallet provider combination with Bitsy comes with a marketing feature known as the biometric marker. It is a substitute for keys that are used to secure a customer and allow them to work on their trading. However, this combination now replaced with a face and a fingerprint combination which is all its need in exchange for the tedious work of storing and recording the keys.
There is a recovery plan too, which can be generated through a multi-key process and engaging a third party that will help the clients who are suffering from a wallet or coin issues or other such reasons. There is constant regard made by the company for the lack of keys, which also helps them to stay away from the threats that can result in hacking, an inherent risk with keys. So, even if you forget your password, it doesn’t matter as it won’t be necessary.
Bitcoin promised its customers a payment market but doesn’t materialize the expectations as expected. The other combinations of Bitsy, Bitt, and Ripio help Medici to offer the clients a lower cost for transacting their funds internationally. The Medici Ventures are investing in the companies for democratizing capital and eliminate the need for intermediaries.