Coin to close product services at the end of February – TechCrunch
It was all inevitable, of course. Fitbit has clarified its plans for Coin since it bought out the mobile payment company in May of last year. At the time, the clothing maker announced it was shutting down the coin development program, although the cards would remain active until their batteries eventually died.
The company has since announced via his blog that the services produced will be closed on February 28. The cards will still be usable until the end of their estimated two-year lifespan, but this decision will hamper functionality in several key ways. The mobile app will no longer work, for example, so users won’t be able to add new credit cards or change their existing cards.
According to the company,
All data will be securely deleted from our servers as it will no longer function. The data that exists on your Coin will continue to be protected via your access code, if you continue to use your Coin.
Today also marks the official end of warranty coverage on the device, so you’re stuck with the one you have.
The shutdown comes as Fitbit confirms plans to build a new smartwatch, announced following disappointing financial results and layoffs. The Coin acquisition will play a role in the device, with the recently acquired Pebble suffering a similar fate late last year.