Coin to shut down services by the end of the month

Coin, which was created as a mobile payment company served to offer a credit card replacement wallet, has announced it is no longer manufacturing, promoting or selling any devices or products.

The digital wallet start up was acquired by Fitbit last May, and ever since there’s been suspicion that the tech giants will shut down Coin’s services. Last year Fitbit announced it would stop production of the Coin Developer program but the cards would remain active for users.

What’s next?

Posting a statement on the company blog, Coin announced that the digital wallet will still be usable until the end of their battery life, which is an estimated two years from the activation date. The functionality of the card will be reduced due to the result of the February services shut down. The coin mobile app will be shut down, and those using the app are advised to transfer and change details before February 28th.

“All data will be securely deleted from our servers, as they will no longer be running. The data that exists on your Coin will continue to be protected via your tap code, should you continue to use your Coin.” announced Fitbit.

The news comes as Fitbit have recently teased the launch of their new smartwatch device, which is currently in development.

“We believe we are uniquely positioned to succeed in delivering what consumers are looking for in a smartwatch: stylish, well-designed devices that combine the right general purpose functionality with a focus on health and fitness. With the recent acquisition of assets from Pebble, Vector Watch and Coin, we are taking action to position the company for long-term success.” states James Park, Fitbit co-founder and CEO.

Related reading

Finance more evolution than revolutionary change