Wearable ring Token raises $5M Series A: Enables contactless access to things and services
Feb 27 2018
Token, a wearable ring that lets users make contactless transactions at millions of merchant locations raised a $5M Series A investment, bringing Token’s total funding to $7M. Investors include New York Ventures, Blockchange Ventures led by Ken Seiff and the VC fund Neo. The startup will use the funding proceeds to fine-tune its go-to-market efforts, hiring in in Rochester and New York City and forge partnerships.
The ring essentially uses a fingerprint sensor on the inside of the ring that scans users’ finger as they put it on to unlock things. Some of Token’s popular use cases are using the ring to log into Windows 10, or using it to access things across digital and physical touchpoints. The device combines 2FA (two-factor authentication) since it proves possession of the device along with the biometric second factor. Customers can expect using it instead of passwords, house key, credit card, car key, access badge and transit card.
Key features of Token ring are internet connectivity via Bluetooth and NFC, waterproof body, and a two week battery life. It is currently being sold at $249 and comes with a USB inductive charger.
+ Token uses a form of Argentinium Sterling Silver that uses germanium in place of what would normally be copper material.
+ Credentials are not stored in the app and there is no account to set up with Token. Each instance is local to the ring and the app acts as a transfer tool between your current accounts and the user.
+ Credentials are stored on an EAL5+ / EMVCO / HID certified Secure Element - just like the chip in your credit card
Centralized ID systems like Aadhaar create identity silos that limit participation in society if someone chooses to opt out. "An Aadhaar number is like a telephone number: Nobody forces you to have one, but doing anything without one is almost impossible." https://t.co/GHrkrdsUND— Melanie Shapiro (@melshapiro) February 24, 2018