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Today, Medici Ventures announced that its portfolio company Bitsy.com has launched the limited beta edition of a high-tech digital wallet service that aims to develop a simple, secure, and convenient bridge between fiat currencies and cryptocurrencies.
Bitsy Wallet to Offer Cool New Features
The wallet’s initial beta release will support Bitcoin (BTC) transactions, with more coins to follow soon. Unlike other wallet providers which only use derivative claims on coins owned by the provider, Bitsy users hold the actual physical Bitcoins via private key ownership. They retain complete control over their funds, including the ability to transfer and spend. Biometric security measures like fingerprint scanning and facial recognition will help protect against hacks and lost passwords. In case a wallet is lost or destroyed, Bitsy’s key recovery system will offer a unique way to recover funds, a patent-pending mechanism to regenerate private keys in dire situations.
Medici Ventures, Overstock’s blockchain technology company, has invested an undisclosed sum in a Utah based company called Bitsy that specializes in bridging cryptocurrencies with fiat. The investment marks one of several that Medici Ventures has made in recent years as its parent company, under the leadership of CEO Patrick Byrne, continues to tout blockchain technology’s
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