Coin: What is it?

Coin is a new product that is trying to drain your wallet – and it isn’t that expensive either. Coin’s aim is to synthesize all your cards into one. It launched a marketing campaign recently to fund raise 50k dollars, offering a reduced price to those who pre-ordered. It hit its fundraising goal in a staggering 40 minutes.

Essentially the card will be tied to your phone, where you can scan in all your cards as well as manage them. Once scanned in, you can use your coin for everything you’d use your other payment cards for. To switch cards, all you have to do is press the little button you see in the picture above. It’s cool, no?

Coin comes with it’s share of naysayers too, for good reason. Coin has yet to gain approval from any major credit card companies, and it won’t work if your phone dies (as a security measure). These things may change before the expected release date next summer. If the credit card companies don’t approve coin before the card is released, the product would be doomed from the beginning. But for right now the company’s CEO, Kanishk Parashar, seems to be unworried.

Check out their marketing video that caused all the fuss.

Coin – $100 (est.)