Startup Bitsy Launches Public Beta Version of Crypto Wallet
The Bitsy startup is launching the beta version of its same name crypto wallet, which will be available for public testing from November 12, 2018, according to the press release. The company is a portfolio project of the major American online retailer Overstock that has been increasingly investing in blockchain startups.
Bitsy will provide services for storing, transferring, and trading bitcoins in pair with the US dollar. The beta version of the mobile wallet can be downloaded from the App Store or Google Play. The app is equipped with an innovative system that, if necessary, allows restoring the user account safely and reviving the lost funds.
Patrick Byrne, the head of Overstock, claimed that Bitsy set new standards for crypto wallets, giving users the full control over their funds. In traditional bitcoin wallets, all tokens belong to the provider, and customers are dependent on the corporation, and can only demand these funds. It goes against the idea of cryptocurrency, Byrne stated.
He added that users will be able to work in Bitsy without the risk of losing keys, and transactions will be conducted without intermediaries. The Bitsy technology will be implemented in the Overstock services, making it possible to buy cryptocurrency directly on the retailer’s website in the first half of 2019, the head of the company said.
In early autumn of 2018, Byrne sold 10% of his shares in Overstock and decided to invest these funds in crypto and blockchain-related projects. The company invested a considerable amount in the startup for tracking the supply and authenticity of wine. According to the analysts, this will lead to an increase in wine production by 30%.