Medici-Backed Bitsy Launches User-Friendly Crypto Wallet to Boost Adoption
Blockchain startup Bitsy wants to help bridge the gap between cryptocurrencies and fiat money.
To this end, the company announced a new password purse on Friday. One is to provide a simple, user-friendly experience.
Ann-Marie Hopkins, CEO, said that purse purchases a certain amount of cyptocurrency, such as bitcoin, and "it would be easier to get bit coins from one person to another," says Coin Deck .
Bitsy, who has invested in Medici Ventures, a block-chain subsidiary of retailer Overstock.com, says Wallets provides a clean interface for new users to technology that hides wallet addresses, transaction verification and other technical details. Experienced users will still have access.
"We do not think people will use it until a regular bitcoin technician wants to evaluate it, but at the same time it becomes more mainstream, more useful, and more familiar."
According to the company's website, this product uses facial recognition for wallet access on technology-enabled devices.
To use the new product, the user buys the desired bit coin in US dollars and the password goes "directly into his wallet," says Hopkins. To transfer a bit coin to someone else, Wallet defaults to a QR code instead of a bit coin address.
"If you do not want to worry about technical things, you do not have to validate, of course, if you want to see the verification, you can access it," she added.
At the time of commencement, users can transfer funds mainly to individuals. However, the company intends to serve as an entryway for those who want to buy goods or services online.
"In the end, it's ideal to go where we are going," he said. "All businesses can get wallets, send bit coins, charge bit coins, and become another form of payment."
To get started with these extensions, Overstock.com adds wallet integration at the end of 2018 or early 2019, enabling customers to use the decryption feature to quickly buy items to sell on their platform. Ultimately, Overstock.com customers can also purchase bit coins directly through the app.
In addition, users in developed countries may already have the option to buy and trade bit coins, but those who have difficulty accessing banking services can use Bitsy to make transactions easier, Hopkins said.
Image of Bitcoin wallet with Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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