Internet retail giant Overstock.com will support direct fiat to bitcoin purchases on its platform through the Bitsy digital wallet according to a press release issued by one of the retail company’s investment arms, Medici Ventures, who announced the beta launch.
The beta launch will initially support bitcoin buys, however, the press release notes additional cryptocurrencies are soon to follow. The announcement states that the Bitsy digital wallet allows users to directly hold their cryptocurrencies, unlike other wallets which may only offer derivative claims on coins owned by that wallet’s provider. Additionally, the company offers “Biometric security” which “…insures against hacks and lost passwords. In the event a wallet is lost or destroyed, Bitsy’s key recovery system offers a unique and revolutionary way to recover funds.”
Patrick Byrne, the CEO and founder of Overstock.com, stated:
“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.”
The CEO of Bitsy, Ann-Marie Hopkins stated “At Bitsy, we want to make bitcoin so easy that anyone can use it…We are excited to have Medici Ventures and Overstock as partners in our efforts to broaden the adoption of cryptocurrency.”
Overstock was one of the first companies to adopt cryptocurrencies when they began accepting bitcoin payments in January of 2014. This marks a new milestone for the company’s journey into cryptocurrencies, with customers now able to purchase bitcoin directly.