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CryptoLabs has introduced new hardware cryptocurrency wallet with improved security that will allow users to send, buy and receive bitcoins.
CryptoLabs, the US bitcoin startup, has announced the launch of a new bitcoin hardware wallet, named Case, that will enable users to buy, sell and send the virtual currency.
CryptoLabs founder and CEO Melanie Shapiro describes the wallet as the most secure and easiest one. “Security and ease-of-use are a huge problem in the bitcoin space,” she said. “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.”
Early bitcoin wallets were the software that ran on various devices, like laptop or mobile phones. According to Shapiro, there is always a risk of losing the digital currency stored on general devices. People could spill water on their devices or their phones could be hacked or lost. This resulted in a million of bitcoin stored on such devices being stolen or lost.
The security increased since bitcoin wallets moved to the cloud, which implies the use of dedicated servers with regular backups and two-factor authentication. Still, the use of a secure cloud wallet for sending bitcoin complicates the process of using the cryptocurrency and makes it more difficult, if compared to credit cards and other payment methods. Shapiro said the complexity does not encourage people to further adopt bitcoin.
The Case is integrated with a camera and a fingerprint scanner to provide an access. Keys to access the wallets are stored in cold storage on a specific server, with each key is secured by different layers of authentication. Shapiro added that the Case could be the first bitcoin wallet to replace your actual wallet due to its convenient size.
The device is available in more than 60 countries as it is enabled with GSM. Shapiro said that the Case could be pre-ordered during the next month at a price of $200. CryptoLabs will begin the sale of the device after it becomes certified.
CryptoLabs currently has 12 employees and has been working on developing the product for nearly the previous year. The company was founded by Melanie Shapiro, who used her own money to finance the startup.
“When you’re using one of the cloud wallets, if you’re using it on your computer, the computer itself is vulnerable because it’s open to hackers or malware,” Shapiro said. “Any software that you’re using on a device, means you’re opening yourself up to hackers and theft.”