Overstock.com to offer Bitcoin for sale using Bitsy

Bitsy’s offering is a game-changer because it gives users the freedom that Bitcoin has always promised, says Patrick Byrne, CEO and Founder of Overstock.com

Medici Ventures, the blockchain investment arm of US online retailer Overstock.com, has announced the Beta launch of portfolio company Bitsy’s cryptocurrency wallet and exchange.

This will initially support Bitcoin purchases, with additional cryptocurrencies to follow soon. Overstock, which has accepted Bitcoin since January 2014 and also now accepts dozens of other offerings, plans to use the Bitsy service to offer Bitcoin for sale on its website.

“Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that Bitcoin has always promised,” says Patrick Byrne, CEO and Founder of Overstock.com. “This new 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.”

“We want to make Bitcoin so easy that anyone can use it,” adds Ann-Marie Hopkins, CEO of Bitsy. “We are excited to have Medici Ventures and Overstock as partners in our efforts to broaden the adoption of cryptocurrency.”

Still in the game

Earlier this week, we reported that Byrne had sold 10% of his Overstock shares.

“I’ve cashed in 1/10 of my chips (most of it, to reinvest next to you),” Byrne said in an open letter to shareholders. “Don’t worry, I’m still in the game, and we’re going to bring this House to its knees.” He signed it “your humble servant”.

According to a form 4 SEC filing, he dumped around $15.8 million worth of shares and then $4.9 million, totalling more than $20 million. Overstock  subsequently saw its share price fall 12%.

The cash will be used to “fund sidecar investments with the company,” and will be reinvested in the retailer and Medici Ventures. “Thus, I am eating a double dose of my own cooking, as months ago I promised you I would” (Byrne first disclosed plans to sell stock in a March SEC filing).

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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