To serve investors who want to participate in the digital currency market, Overstock.com subsidiary tZERO has rolled out a digital wallet as well as an exchange app. Users will have the ability to purchase, hold and sell digital assets on their cell phones via the app as opposed to third-party exchanges when it comes to custody, Reuters reported.
tZERO is reportedly homing in on blockchain’s development as well as commercialization. tZERO Chief Executive Officer Saum Noursalehi said, according to Reuters, “One of my goals since I joined the company is to provide an intuitive user experience on both mobile and the web to trade all digital assets, including cryptocurrencies.”
With the app’s initial release, it will support purchases of Ethereum and bitcoin. In addition, investors will be able to tap into the private key recovery system of tZERO to restore funds and digital currencies if they misplace their mobile phones or private keys.
The news comes after it was recently reported that the price of bitcoin climbed above the $10,000 level for the first time in more than a year. The digital currency hit the milestone late on June 21, and by the next morning it had climbed above $11,000. Bitcoin has more than tripled in value from its low at the end of last year, giving investors hope that the worst is over for the world’s most popular crypto.
The price of bitcoin first rose over $10,000 in November of 2017, and 18 days later it hit an all-time high of nearly $20,000 prior to its crash. This latest rebound, which has been less hyped, could be a sign the market is maturing. Villanova University Assistant Professor of Finance John Sedunov said, according to earlier reports, “There are more reasons to believe in bitcoin now than there were the last time [bitcoin was at $10,000], though I’m still not convinced that the price is sustainable.”