Recently, Overstock.com, online retailer and technology company based in Salt Lake City, announced that its subsidiary tZERO has launched a digital wallet and exchange services mobile app for digital currencies.
The tZERO Crypto App will allow users to buy, sell, and hold digital currencies, directly on their mobile phone.
The App is available in both the Apple App and Google Play stores.
Source: Overstock.com
As of now the app supports bitcoin and ethereum trading and is compatible with iOS devices, with Android compatibility coming soon. It makes use of biometric authentication to enhance security against hacks and lost passwords.
The highlight, however, is its Private Key Recovery System, which according to the company is a groundbreaking system and allows funds to be restored if a user loses his or her private keys or smartphone.
Patrick M. Byrne, Overstock.com founder and CEO, said, "with tZERO’s Private Key Recovery System, your digital coins are truly held by you, in your wallet, rather than on an exchange in a pot with other fungible tokens. Not only is this more secure but in addition, it is more true to the cypherpunk ethos of decentralization through cryptography."
After the
announcement, Overstock shares climbed up 1.22% at $13.66.