Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
Overstock’s affiliated blockchain company Medici Ventures has funded a beta-launch of the cryptocurrency wallet designed by Bitsy to blur borders between digital and fiat money.
One way to breath life into the advanced blockchain technology underlying digital coins is to make them available for real-time transactions entrenched into our daily routine. As soon as a cryptocurrency replaces the traditional fiat money, we will be able to talk about an actual mainstream adoption of the robust technology – a developmental milestone on the path of the Fourth Industrial Revolution.
The fintech startup Bitsy sponsored by the blockchain subsidiary of retail giant Overstock has devised a unique approach narrowing the nascent gap between fiat and crypto- currencies. In the wake of an undisclosed amount of investments that Bitsy got from Medici Ventures known for its outstanding generosity towards blockchain-focused products, the startup has introduced a limited beta-version of the new crypto-wallet empowering digital transactions.
The official press release reveals the wallet support for Bitcoin while on the latter stagers the project signals the willingness to broaden a list of processing cryptocurrencies. The main feature that distinguishes Bitsy from the rest of feasible cryptocurrency wallets lies in customers’ absolute control over their holdings. Unlike other wallet providers, which do not allow an actual disposal of users’ funds by utilizing only derivative claims on coins owned by the third party cudostrian, Bitsy users hold actual physical possession of the coins and they are able to move or spend the digital currency seamlessly.
Moreover, opposite to popular exchanges including Coinbase and Kraken that withdraw users’ private keys in order to monitor a transaction chain, Bitsy provides customers with their own private keys, removing the need to police whom users’ transfers. An Overstock.com board member and the president of Medici Ventures, Jonathan Johnson said:
“Recently, Coinbase reminded us that its users don’t actually control the funds by announcing that users could no longer send funds to Wikileaks from their Coinbase accounts. On the other hand, Bitsy’s decentralized architecture fully complies with all anti-money laundering laws and still allows users to send Bitcoin to anyone in the world without permission from Bitsy or anyone else.”
The wallet is also said to have an advanced level of security based on a biometric verification. Simply said, users have to screen their face or fingerprints to sign up for an account. These measures make passwords reminiscence a thing of the past, while it is also looks very attractive given the increasing cases of identity records theft.
Additionally, the Bitsy’s disruptive key recovery system allows a user’s private key to be regenerated in extreme circumstances, thus reducing the probability of a user’s holdings being lost forever if his or her phone is destroyed or stolen.
Patrick Byrne, CEO and founder of Overstock, called the Bitsy crypto wallets a “game changer”, saying:
“Bitsy sets a new standard for cryptocurrency wallets. What it’s offering is quite special compared to most wallets in the marketplace.”
According to the roadmap, the Bitsy’s disruptive service will be integrated into Overstock.com in late 2018 or early 2019, thus in addition to setting a new standard for cryptocurrency wallets, the integration with Bitsy will enable Overstock to offer Bitcoin for sale directly from the retail website.