Overstock, the first major retailer to accept Bitcoin will be selling the leading cryptocurrency through its website to its millions of customers via Bitsy in 2019. CEO Patrick Byrne is not at all concerned about the market situation as he plans to bring crypto to its retail customer base.
Overstock will now sell Bitcoin on its website via Bitsy
Looks like everyone is going Bitcoin lately. From giants like Citi, Morgan Stanley, Goldman Sachs to Northern Trust and many more have made the plans to go the Bitcoin route. Overstock is not new to the crypto world as it has been the first major retail company to accept Bitcoin via Coinbase. After Yahoo Finance that is now allowing its US customers to buy and sell cryptos, Overstock has jumped onto the same train.
Utah, US-based Overstock.com is an internet retailer company which is in existence since 1997 has been revealed to formally begin selling Bitcoin through its website in the first half of 2019 according to its founder and CEO Patrick Byrne.
“We will be offering this through Overstock. Expect us to be offering bitcoin by Q1 or Q2 of next year.”
In an interview with Forbes, Byrne revealed that this feature will be offered through Bitsy. Bitsy is a crypto wallet and portfolio company of Medici Ventures, a blockchain-focused subsidiary of Overstock. Reportedly, the beta of Bitsy has been launched and the further plan is to fully integrate the wallet into the Overstock website by next year.
According to Similar Web, the company has over 23 million visitors. As the company provides its services all over the globe, it is yet to be revealed by the company if all of its global customers will be able to avail this service or only selected countries will be allowed.
Current market situation is of no concern
Right now the crypto market might not look like the perfect opportunity to launch the product but Byre is not at all concerned as he shares:
“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. 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.”
As for the Bitsy wallet, it will serve as the user-friendly bridge between fiat and crypto space. This wallet apparently will cater to the not so tech savvy as explained by Medici COO Steve Hopkins,
“We’ve spent a lot of time really understanding how people who don’t have a computer science background interact with payment applications.”
The crypto purists are also included as it’s not working to be some sort of custodian as commented by Byrne:
“The whole point of crypto is to have a form of money that no authority could control. This is crypto as crypto is meant to be.”
Recently, Patrick Byrne was in the news for selling in total about $20.7 million worth of his shares that led them to fall 12%. But, he assured his investors with,
“Within a matter of days, I will reinvest most of this money into two co-investments with Overstock and Medici Ventures (thus I am eating a double dose of my own cooking, as months ago I promised you I would).”
With the way big names from the mainstream industries indulging into Bitcoin, the crypto market will soon see a huge surge in terms of adoption that might even extend to its price as well.