Start-Up Launches Wallet to Link Cryptos and Fiat Money
The blockchain startup is setting up a crypto storage meant to make transactions much easier.
Bitsy’s Mission To Link Cryptos and Fiat Currency
Over the years, there has been a gap between cryptos and fiat currency. However, a blockchain startup seeks to write history by linking the two parties.
Making the announcement on Friday, the firm, Bitsy revealed that there is a new crypto storage aimed to facilitate this course. The wallet will offer improved and a simplified experience for the client.
According to Bitsy boss, Ann-Marie Hopkins, through the wallet, users will have the ability to acquire a certain amount of cryptocurrency. Similarly, buying a crypto from another user to another will be simplified.
Bitsy notes that the storage will provide a clear interface to newbies on the system. The platform will not display the wallet’s address, transaction authentications among other technical information. However, more advanced users will be able to access the information.
How the Wallet Will Operate
In an interview with CoinBase, Hopkins stated that the overall goal is to transform the wallet easier for a normal bitcoin technical person. She said they also want to go mainstream with a usable cryptocurrency.
Bitsy through its website announced how the verification process will be carried out. A statement on the site revealed that facial recognition will be used as a means of accessing the wallet.
Before using the wallet, clients will be required to buy any quantity of bitcoin in US dollars. After purchase, the cryptocurrency will be deposited directly into the wallet. The wallet has been equipped with QR code that will be used to transfer cryptos between users. In this case, the bitcoin address is eliminated. Hopkins stated that they have removed technical requirements for users.
Bitsy seeks to venture into the purchase of goods and services after launch. However, initially, the wallet will solely focus on funds transfer between users before rolling out the new phase. Hopkins stated that in future, they will equip companies with wallets. Customers will then send any preferred crypto before receiving the goods or service.
Overstock.com will be the initial online retail store to roll out the new payment plan. The plan will be rolled either late this month or early 2019. Later, the Overstock.com application will also permit bitcoin payments directly.
Hopkins finalized by stating that the platform might come in handy for users with banking challenges. However, this target market is small especially in developed nations where individuals have options when it comes to bitcoin payments.