iPayYou launches bitcoin wallet

iPayYou announced Monday it has developed a bitcoin wallet, touted as the easiest, safest and most useful bitcoin wallet in the world.

In a press release sent to CoinReport, iPayYou said its wallet lets consumers hold, purchase, sell, send and receive bitcoin safely and securely through the company’s website, with all of the clients’ funds stored in their own personal bitcoin account.

With iPayYou, you can send bitcoin to anyone, even to people who have little knowledge about the digital currency, according to the company’s website. There’s no need to ask recipients to create a bitcoin address beforehand, as users can simply enter the recipient’s e-mail address or mobile phone number.

Users can also withdraw money to their bank at any time, according to iPayYou’s website. Clients may also set up an auto-withdraw function so that funds sent to them are automatically sent to their bank account in U.S. Dollars.

The company said in the release that unlike other bitcoin wallets out there, iPayYou allows users to cancel transactions if a mistake were made, such as imputing the wrong address.

According to the website, future features will include users’ ability to lock in the USD price so that variations in bitcoin’s value don’t affect the intended amount sent. Soon the wallet will also have integrated shopping for gift cards at a discount.

iPayYou says on its site that users retain full control of the funds, and can even spend it without logging on to the website. “Your private keys are encrypted on our server and are backed up, backed up again and then just for safe measure, backed up again,” says the website. “Security [is] based on 2048 bit certificates – no one can decipher the keys, even our employees.”

iPayYou will release iOS and Android versions of its web-based wallet in the coming months.

iPayYou CEO Gene Kavner

The Seattle-based company was founded by Gene Kavner, a former Amazon executive and worldwide director of Amazon Associates.

Kavner, who also held senior positions at Microsoft and Expedia, said in the press release that he created iPayYou in response to an overwhelming need for a bitcoin wallet that is simple and easy to use at a low cost for the average consumer.

“Our aim from the beginning was to create a consumer-friendly bitcoin wallet that is intuitive and secure. Consumer technology continues to improve but for most people, payment methods have been stuck in the past. That’s why our team has developed the easiest way ever to get access to Bitcoin’s revolutionary technology,” said Kavner, who is also iPayYou’s CEO, in the press release.

Kavner’s team includes Neville Dembo (EVP Corporate and Business Development) and Andrew Guzman (Creative Director). Dembo has more than 20 years’ experience in business strategy and development, and Guzman has spent more than 14 years working in visual design and front-end development.

“Our team comes from a background of creating extraordinary consumer products at a global level and we are bringing all of this experience to provide a bitcoin wallet that truly matches their needs,” Kavner said.

He added, “Our vision is to make bitcoin the most accessible and user-friendly currency with consumers worldwide considering bitcoin as a desirable payment method.”

Images courtesy of iPayYou