CryptoLabs Launches With Bitcoin Storage Hardware

CryptoLabs, a new bitcoin technology development startup, is launching with their first device, a bitcoin hardware wallet that allows users to store buy, send, sell and receive the digital currency.
Melanie Shapiro, a serial entrepreneur whose last company – Digbsy – was sold for a tidy sum, founded and financed CryptoLabs using her own money.
According to Shapiro, the hardware wallet solves several problems. ‘Security and ease-of-use are a huge problem in the bitcoin space,’ Shapiro says. ‘We are the most secure option because we’re a piece of dedicated hardware. We use multi-sig authentication. There are three keys and each of those keys is stored in a different location.’
The first bitcoin wallets were software that ran on laptops and mobile phones and as with any general-use device, things can happen, says Shapiro. People have lost bitcoin stored on hardware because tehy spilled soda on their device, dropped their phone in water, or were hacked.

This post was published at Tech Crunch on Novemebr 17, 2014.