Bitsy, a portfolio company of Midici Ventures, Overstock.com Inc.’s blockchain accelerator is launching a beta version of its exchange and wallet service from Monday, Nov. 12.
Pitched as a new app-based platform that creates an easy, secure and user-friendly bridge between bitcoin and the U.S. Dollar, Bitsy’s service is focused on giving users direct control over their bitcoin.
“The great promise of the bitcoin white paper was to have legitimate peer-to-peer exchange of value without the need for trusted intermediaries,” Patrick M. Byrne, Overstock.com chief executive officer and founder said in a statement. “Few people understand, however, that with conventional bitcoin wallets, users do not have actual possession or control of the bitcoins they buy: their wallet-provider owns the bitcoin and provides a contractual claim to the consumer, who must then trust that corporation. This defeats the whole purpose of crypto.”
Bitsy wallets are claimed switch direct possession to users, giving them complete control of their cryptocurrency without the risk of lost keys.
While a small cryptocurrency startup with a wallet, not exactly a new idea, may not usually be newsworthy, Bitsy is immediately starting with a huge boost. After the beta trial period, the wallet will be integrated into Overstock.com itself in the first half of 2019, giving the startup exposure to potentially hundreds of millions of users.
Starting Monday, users can download the Bitsy app from the Apple App Store or Google Play for free to securely buy, transfer or hold bitcoins.
Bitsy is not Medici Ventures’ only portfolio company within the crypto and blockchain space, having previously invested in Caribbean blockchain startup Bitt Inc. in March and the VinX blockchain wine market and supply chain in October 2017.
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