FitBit is one of the leading fitness trackers on the market and today they announced the acquisition of the wearable payment assets of Coin, a Silicon Valley consumer electronics and financial technology company. The deal includes key personnel and intellectual property specific to Coin’s wearables payment platform on May 12th.
A statement from fitbit reads “We are focused on making wearable devices that motivate people to reach their health and fitness goals, and that also make their lives easier with the smart features they need most,” said James Park, CEO and co-founder of Fitbit. “Coin has been one of the key innovators in advanced payment solutions. The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people’s lives.”
The acquisition excludes smart payment products, such as Coin 2.0, the acquisition will undoubtedly accelerate Fitbit’s ability to develop an active NFC that Apple and Android use in their smartphones, this could see NFC technology embedded into future Fitbit devices.
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