Overstock’s wholly owned Blockchain Technology subsidiary company, Medici Ventures, has invested an undisclosed amount in a Utah based company, Bitsy. This Company holds expertise in bridging Cryptocurrencies with Fiat.
This capabilities of that the Bitsy cryptocurrency wallet can help make global transactions more secure. This will also be helpful for Companies related to blockchain businesses in which the Company has invested namely, tZERO, Bitt, Riplo.
Other wallet providers do not let users to actually hold their coins by using only derivative claims on coins owned by the provider. Rather Bitsy users can hold the actual real bitcoins and have complete control over their funds, also users can move or spend Cryptocurrency.
Integrating with Bitsy, will allow Overstock (NASDAQ:OSTK) to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.
Endorsing Crypto Users with More Powers
While making international transactions, Bitsy will be handy to maintain control over the user money complying with US anti-money laundering laws. Steve Hopkins, CEO of Medici Ventures said,”Most companies in our portfolio were finding trouble operating in the US following the US anti-money laundering requirements. Centralized Exchanges did not give control over their funds while performing international transfers.
So in order to carry on an International Bitcoin transaction, Customers had to depend upon bitcoin transferring vendors. These vendors were not of that high reputation and somewhere even arrested for unlawful money transfers.
This remains the main reason why Bitsy was created. They bridged the gap between Fiat Currency and Cryptocurrency. The Investment in Bitsy would be a great deal in such a case and also allowing it in return an access to Medici’s world-class blockchain developers.
Providing a Link Between Crypto And Fiat
“With Bitsy, your face and your fingerprint will be your password,” Johnson said. “And you will always be the only person with your face and fingerprint.” This makes things more transparent, clear and secure. In relevance to this, it should be noted that around more than 2.6 Billion identity records were stolen last year. This happens in a Centralized system, where the risk facing hacking attacks increases enormously.
Earlier, if someone forgets password then the Company generates using multi-key generation process allowing its management and an independent third party to assist customers to recover their funds or forgotten password. Now, having the biometric, there is less worry to this section.
A Helping Hand to Other Affiliates
International transactions through its other blockchain acquisitions, such as Bitt and Ripo were pretty expensive and most hurt the poor people who sent money to their home. A link between Bitsy, BItt, and Ripo can help lower cost of such transmissions. “We are optimistic that Bitsy will serve as a regulatory bridge between U.S. consumers and their relatives living overseas, including places such as the Caribbean and Latin America where Bitt and Ripio are located,” Johnson said.
Bitsy wallet could also support tZERO’s plans to develop the next generation of securities markets.
About Medici Ventures:
Medici Ventures, Inc. is a principal investment arm of Overstock.com, Inc (NASDAQ:OSTK). specializing in investments in blockchain technologies. Medici Ventures, Inc. was founded in 2014 and is based in the United States.
Bitsy, Inc. develops a blockchain-based bridge between FIAT and cryptocurrencies. The company was founded in 2017 and is based in Cottonwood Heights, Utah.