Token's smart ring: The latest wearable to make transactions and open doors

By Sydney DeVoe Technology FOXBusiness

Pay for your coffee with a smart ring

Token CEO Melanie Shapiro and Token CTO Steve Shapiro on the company's new smart ring.

If you like it, now all you have to do is tap your ring on it. A husband and wife are launching a new smart ring that lets you makes transactions and open doors.

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“We built an identity ring that lets you put all of your credit cards, passwords, your car keys, your house keys on it. And everything is done with a simple tap of your hand so everything is gesture based,” Token CEO Melanie Shapiro told FOX Business Tuesday.

The ring is now available for $250 and works anywhere that Apple payments or NFC payments are accepted.

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“The ring works over Bluetooth, Internet C, anything that’s Bluetooth like logging into a website or unlocking a car, you just knock twice and it will authenticate you. Anything Internet C like contactless payments or the access card you use to get into the office, you just put your hand over the reader,” said co-founder and CTO Steve Shapiro.

The ring also has a fingerprint scanner on the inside so that the ring is only responsive to the individual it belongs to.

“If you take it off, it doesn’t work, it’s just a piece of jewelry,” explained Melanie Shapiro. 

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