Overstock.com’s blockchain subsidiary tZero today revealed an application for their users to store and exchange cryptos on their mobile phones, launched for iOS devices while Android app to follow suit shortly.
Once fully live, tZERO Crypto unit’s customers can use the software to receive one of the two supported cryptocurrencies. This limited selection of Bitcoin and Ethereum will be expanded in the future, the company said.
Besides buying, selling, sending, receiving, and storing cryptocoins, tZERO Crypto App comes with a couple of advanced features. These include setting biometric authentication for added security and ease of use. Eventually, there are also plans to utilize a private key recovery system to allow users to restore their assets in the event that they lose their private keys or mobile phone.
“We are excited to introduce the ability to trade and store cryptocurrencies in your mobile wallet. The tZERO Crypto App is a significant milestone in our plans to provide an intuitive experience for trading all digital assets,” said tZERO’s CEO, Saum Noursalehi.
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A full-blown bet on cryptocurrency
tZero expands the offering as the firm is getting ready to sweeten its soon-to-be-launched broker-dealer arm. tZero’s anticipated retail brokerage services includes sales trading, electronic execution, and portfolio execution for buy- and sell-side clients.
tZERO hopes to launch its own retail broker-dealer within the coming months to grab the capacity to serve retail traders instead of only accredited investors.
Overstock’s CEO and founder Patrick Byrne said earlier he plans to sell its decades-old retail business in the next few months as it intends to focus on its blockchain business. The company runs its cryptocurrency unit tZERO as well as a VC subsidiary named Medici Ventures.
Overstock is a prominent US online retailer that also runs multiple blockchain-oriented startups. The company made headlines earlier this year after announcing it would pay a portion of its business taxes in Ohio in Bitcoin, as the Amazon rival continues to make way for a full-blown bet on cryptocurrency.