Online retailer Overstock.com has recently announced that it expects to begin selling the cryptocurrency Bitcoin through its website in the first half of 2019.
Customers will be able to buy the digital currency through Bitsy, a crypto wallet and portfolio company of Medici Ventures.
Medici Ventures is Overstock’s blockchain-focused subsidiary that currently has investments deployed in 18 separate ventures.
Overstock ceo and founder, Patrick Byrne, said in an interview with Forbes, “We will be offering this [Bitsy] through Overstock,” he said. “Expect us to be offering bitcoin by Q1 or Q2 of next year.”
Bryne is not too phased by the turbulent state of the cryptocurrency market this year. He remarked, “When you had all these dot-com companies crashing, it wasn’t because something was wrong with the internet technology. Coins are going to come and go, but we’re long-term long on blockchain technology.” He added, “There’s a parallel universe emerging with crypto, and I see Overstock as the wormhole between the two universes. You’re going to be seeing us bring this to our retail consumer base.”
“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised,” said Byrne.
“[I]ntegrating 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.”
Byrne also commented, “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..”
The beta launch of the crypto wallet will only support Bitcoin at first and other cryptocurrencies are expected to follow later.
Ann-Marie Hopkins, the CEO of Bitsy, has said that the company wants to make Bitcoin so easy that anyone can use it. She said, “We are excited to have Medici Ventures and Overstock as partners in our efforts to broaden the adoption of cryptocurrency.”
“We’ve made usability our highest priority,” said Steve Hopkins, Medici’s COO and general counsel. “We’ve spent a lot of time really understanding how people who don’t have a computer science background interact with payment applications.”