SatoshiLabs, a Prague-based Bitcoin hardware wallet manufacturer, on Friday announced a new lightweight application called TREZOR Password Manager which is a secured cloud solution to store and manage passwords with ultimate security.

The newly announced password manager will store and manage passwords securely and is available for public BETA testing, said the company in a post on Medium.

According to the website, TREZOR is the most secure and most ubiquitous hardware wallet in the world, originally designed to protect bitcoins. It uses cutting-edge cryptography to protect digital money and any valuable online assets such as passwords. It is simple and one-click encryption device for everyone. Also, a Chrome extension is available for the application.

Trezor addresses one of the key problems associated with typical password managers - the master pasword which gives access to the entire database in the event of hack by malicious entities.

To solve this pressing issue, TREZOR encrypts each password entry as well as the access to the database, separately with a unique signature. The signature is derived from a unique private key from the TREZOR. All private keys are generated in its secure offline environment and never leave the device, making TREZOR impenetrable by hackers or malware.

The TREZOR device itself acts as a second-factor authenticator by unlocking the passwords without any need for third party authentication apps or access to email or a mobile phone. In cases where a Dropbox account is hacked, TREZOR encrypts the password entries one by one with a unique encryption key.

The company stated that there are future plans of implementing an Import/Export feature after testing the BETA version. There are also plans to launch an Android application depending upon users’ demand and request.