Medici Ventures, a subsidiary of Overstock, announced that its portfolio company Bitsy has commenced the limited beta launch of a digital wallet service that creates a “bridge” between traditional fiat currencies and cryptocurrencies. It is a further foray into cryptocurrencies by Overstock in addition to its TZero security token exchange.
The initial beta release of the technology will support bitcoin purchases, with additional cryptocurrencies to follow soon. Unlike other wallet providers, which do not let users actually hold their coins by using only derivative claims on coins owned by the provider, Bitsy users hold the actual real bitcoins and have complete control over their funds, including the ability to move or spend cryptocurrency. Biometric security insures against hacks and lost passwords. In the event a wallet is lost or destroyed, Bitsy’s key recovery system has a way to recover funds.