Bitsy, the blockchain startup backed by Medici wishes to help bridge out the gap between cryptos and fiat money with a new wallet based initiative.
The company launched a new user-friendly crypto wallet on Friday. The new technology will provide a simple and user-friendly experience to customers. The CEO of Bitsy, Ann-Marie Hopkins said that this will allow the users to invest in cryptos such as Bitcoin.
It will also ensure that “it’ll be easier to get bitcoin from one person to another.”
Clean Interface For Newcomers
Bitsy sought investment from Medici Ventures, the blockchain subsidiary organization of the retail behemoth Overstock.com. Bitsy indicated that the wallet will provide a clean interface for beginners. It will hide the wallet addresses, transaction verifications, and other technical information. More experienced users will still be able to access the information.
“We want the regular bitcoin technical person to appreciate it, but at the same time we want it to be more mainstream, more usable, and until we make it more approachable, we don’t think people will use it.”
The new wallet will use facial recognition technology to provide access to the wallet on devices using the technology.
Users can simply purchase the required amount of Bitcoin in USD and the crypto “goes right into your wallet,” said Hopkins. Sending Bitcoin to people is easy enough since you will only need the QR codes rather than a Bitcoin address.
Extension of Services
When it is first launched, the platform will allow users to transfer funds between individuals. Over time, however, the company expects the platform to act as an on-ramp for individuals seeking to purchase goods and services.
In order to promote such an expansion, Overstock.com will integrate the wallet later in 2018 or early next year. This will allow customers to purchase items using cryptocurrency.
Individuals in developed countries might already be able to purchase goods and services with Bitcoin. However, those with limited access to banking services will benefit from using Bitsy to conduct transactions.
Want the latest crypto news? Join our Telegram Channel