Seattle-based CoinLab, a developer of virtual currency products based on the Bitcoin standard, said earlier this week that it has raised $500,000. The investment came from Draper Associates and Geoff Entress. Bitcoin is a peer-to-peer, digital currency being targeted at use in computer gaming and as a virtual currency, so that users might exchange value between each via virtual transactions. CoinLab was founded by Peter Vessenes, Mike Koss, and Tihan Seale. More information »