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.