Medici Ventures, a blockchain/crypto specific division of Overstock.com, has acquired Bitsy.com in an effort to finally merge the worlds of online retail with decentralized, digital cash facilitated by the Bitsy’s new biometric wallet. The Crypto Winter, assuming it ends at some point, might be best defined by what companies in the space did to prepare for the future, to consolidate and increase relative positions as others retreated.
Overstock’s Medici Acquires Bitsy
Overstock CEO Patrick Byrne announced, “Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised. 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.”
As the press release elaborated, in addition to its acquisition, Bitsy “has commenced the limited beta launch of a digital wallet service that creates a simple, secure, and convenient bridge between traditional fiat currencies and cryptocurrencies.”
Indeed, Bitsy has an interesting niche when compared to crypto banks and exchanges. They do not hold clients’ keys, and are therefore able to avoid liability when it comes to matching buyers and sellers. The company is at once keen to insist they comply with the myriad of anti-money laundering (AML) regulations, but won’t ever involve themselves in censoring transactions for less than strictly illegal activity. Having such a company,