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After hitting its $50,000 crowdfunding goal in just 40 minutes, the connected credit card startup Coin is now opening the flood gates for even more preorders.
The company launched last week to incredible fanfare with its connected card, which serves as a single place to store all of your credit, debit, and loyalty cards. But Coin also saw plenty of criticism from security professionals, who questioned the wisdom of putting so much critical information in a single device.
Taking those concerns to heart, Coin has also announced a few new security-focused features. For example, it now has an alarm that can tell if you someone is swiping your card too many times (like when a waiter whisks away your card with your bill). You can also now lock Coin to a single card, so nobody can switch to one of your other cards without your approval.
Coin has also launched a new FAQ to clarify exactly how it works and assuage fears from those concerned about its security. You still face an inherent risk to trusting all of your credit cards to a single device, but the addition of new features shows that Coin is listening to the concerns of its potential customers.
“The incredible early success of Coin shows that people really want to simplify their life,” said founder and CEO Kanishk Parashar in a statement. “We believe that this convenience will carry over and benefit both credit card companies and merchants.”