Overstock’s Medici Ventures introduces Bitcoin sell through Crypto wallet

Overstock.com, an American internet retailer, NASDAQ listed entity headquartered in Midvale, Utah has recently publicized that it may sale Bitcoin on its website by integrating a biometric wallet and portfolio platform Bitsy powered and recently introduced by Medici Ventures, a subsidiary of the company.

As per the valid source of Forbes, Overstock.com, a crypto friendly online retailer has already been accepting BTC payments since 2014. The company is expected to sell bitcoin across its website in the first half of 2019 with the help of crypto wallet. It may also sale more cryptocurrencies in the days to come.

Additionally, Partick Byrne, the Founder, and CEO of the company has publicized Bitsy’s beta launch by announcing that “Overstock plans on fully integrating the wallet into its website by Q1 or Q2 of next year.”

However, the formal announcement comes especially when the entire crypto markets likely to recover from the months-long bear mood. Further speaking to Forbes, he said in his statement that “the entrepreneur shrugged off “short-term woes” and likened the market’s turbulence to the early days of the internet. When you had all these dot-com companies crashing, it wasn’t because something was wrong with the internet technology. Coins are going to come and go, but we’re long-term long on blockchain technology.”

He comments further saying that “there’s a parallel universe emerging in crypto and Overstock, through Bitsy, will be a wormhole between the traditional financial universe and cryptocurrencies, as he’s “going to bring this to our retail customer base.”

On the technical aspects front, the Bitsy Wallets is expected to be a user-friendly bridge between fiat and cryptocurrencies and is poised to end its beta test phase by the end of this year. With the user-friendly design in place, it appeals to crypto novices as the company’s main customer segment is middle-aged women that are not likely to be tech-savvy.


Further speaking to the subject matter, Byrne added “the wallet will also let users control their own coins, instead of seeing them rely on third-party custodians or exchanges to hold their funds for them. The whole point of crypto is to have a form of money that no authority could control. This is crypto as crypto is meant to be.”

Amid this, Steve Hopkins, COO of Medici Ventures profusely said, “the team behind Bitsy spent a lot of time really understand how people who don’t have a computer science background interact with payment applications.”

With the best security measures in place, Bitsy allows certain application in a place like fingerprint scans and facial recognition, biometrically identification system, etc. Amid this, Forbes reported that “the Bitsy offers certain mechanism like ‘patent-pending key recovery mechanism’ that will let users recover their keys in ‘extreme circumstances”.

In a nutshell, Byrne said that the Bitsy wallets are very special than most wallets available in the markets. It will change the entire ecosystem with the value-added mechanisms in place!!


Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at [email protected] to discuss anything related to his reports.

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