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For the longest time now, we have known that Overstock has had interest in the cryptocurrency industry. Although the company has been investing and taking interest in the industry through its subsidiary companies and venture, the interest from the corporation has been clear. Last year, the company acquired Bitsy, a company trying to close the bridge between cryptocurrencies and fiat. For this acquisition, Overstock used its venture arm Medici Venture.
According to reports , Overstock’s blockchain subsidiary tZERO, has now announced the launch of a Bitcoin trading application. The company has announced that the platform will allow users to trade Bitcoin (BTC) and Ethereum (ETH) through their iOS and Android devices.
Speaking to Coindesk, the company CEO, Saum Noursalehi, stated that tZERO had outsourced the development process from Bitsy. According to Noursalehi, accelerating time to market the mobile app was part of the reason they bought Bitsy. The CEO further added that they have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, creating the foundation for the app. The app is scheduled for release in June.
In the future, tZERO wants to develop its app into an all-in-one application, allowing users to trade security tokens listed at tZERO and even traditional stock. For this, the company says it is in the process of acquiring a retail broker-dealer license as well as hiring the required personnel for this.
Looking through the plan, it seems that the launch of this app is just the first step to a larger plan by the company. We could be seeing some major developments in the coming months. For now, investors are left to enjoy yet another convenient and easy way to trade Bitcoin.
With adoption and accessibility continuing to grow, the stage is being set for the next rally which could potentially be the biggest one yet. Back in 2017 when Bitcoin rallied from under $1,000 to reach over $20,000, many people found it hard to access and trade Bitcoin. The developments that have taken place in the last year, make it that everyone will have it easier to buy and trade during the next major move.
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