Overstock and Bitsy to Launch Their Bitcoin Wallet Next Week

The beta version of the Bitsy Bitcoin wallet will be available to download, for free, from the 12th of November. The platform is owned by the bullish U.S. retailer, Overstock.

While initially making a name for themselves as an e-retailer, U.S.-based Overstock has shifted gears to focus more on blockchain technology and virtual currencies. Live Bitcoin News has previously reported that the company is aiming to spread the crypto love by allowing customers to buy virtual currencies through their site. This will open a new adoption avenue to all of the site’s consumers, some of whom might perhaps be unaware of virtual currencies or perhaps have limited knowledge of it.

Overstock Continues on Its Crypto Road

In order to do this, they’ve called on the assistance of Bitsy, an online crypto wallet. According to Crowdfund Insider, Bitsy is a portfolio company of Medici Ventures, which, in turn, is Overstock’s blockchain accelerator arm. The wallet will be available from the 12th of November and, conveniently, will be able to be downloaded from Apple’s App Store and Google Play for free.

Overstock’s CEO, Patrick M. Byrne, explained how Bitsy differs from more conventional wallets and also touched on his site’s plan for introducing crypto buying opportunities, saying:

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, on the other hand, allow users to possess and have complete control of their cryptocurrency without the risk of lost keys. This sets a new standard for digital wallets. We are excited to continue our cryptocurrency journey and integrate Bitsy’s technology with Overstock.com to offer bitcoin for sale directly from the retail site in the first half of 2019.

In addition, the wallet is claimed to have “an innovative and secure account recovery system to assist users in the event they lose their funds.” For now, it seems as if the wallet will only support Bitcoin.

Encouraging Mass Adoption

Monday’s launch is just the beta version of the wallet. The full version will be available sometime next year. However, even when the latter is launched, the platform will still continue to keep an eye on the wallet and make any changes as required. Bitsy’s CEO, Ann-Marie Hopkins, explained:

This beta launch is just the beginning and we plan to continually update the app with security and convenience features. The full app will be ready for launch in Q1 2019.

Earlier this week, we reported on how Byrne reiterated his belief in virtual currencies and how the mass adoption of it will overthrow the traditional financial system.

Are you going to be downloading the Bitsy wallet? Let us know in the comments below!

Images courtesy of Shutterstock.