CryptoVault put its first coins on sale in March of 2015, and is run by Kyle O’Brien, Jordan Parks, and Brett Lanning from Indiana. The idea was conceived in the very early days of physical Bitcoin in 2012, sprouting from a desire to create a “product that…everyone can use to safeguard their crypto-currencies”.1 Prior to launch, the founders attempted to raise 5,000 USD using the crowd-funding website startjoin.com, but only managed to see 220 USD in pre-orders and the campaign was canceled.
The idea behind CryptoVault is reflected in its name: a completely secure method of long-term storage for crypto-currencies. This coin is not intended or imagined to be used as a physical ‘cash’ version of crypto-currency, but a private ‘vault’. Like many other ‘DIY’ type Bitcoin coins, the actual function of the coin is no different than that of a sealed paper wallet that can similarly be used to store the private key to any amount or type of crypto-currency. The only difference is aesthetics; it looks nice and is a conversation piece. At the time of writing, the company has numerous other coins in the works.