Coin began as one of the largest crowdfunding campaigns in history: customers pre-ordered nearly 350,000 units in less than two months. For context, that is nearly triple the number of iPods sold in its first two months. We were humbled that so many people were excited by our vision, and also by the formidable challenge to deliver to your expectations — and ours.
Our team — then just seven employees — worked day and night to fit a variety of components (an electronic stripe, battery, Bluetooth radio, e-paper display, and more) into a device the size of a credit card (less than 1mm thick). One year, 42 test design iterations, and 100,000 beta test transactions later and we are delighted to be manufacturing and shipping the first Coin devices.
The journey took longer than we expected, but we never wavered from our goal of delivering a product of exceptional quality. Our beta program proved that Coin stands up to the demands of real life: in your wallet, in your pocket, in the cold, in the heat. (Though we don’t recommend it, one beta tester even put his Coin through the laundry — twice — and it still worked afterward.)
Today, we have begun manufacturing Coin devices and delivering them to you. Given the sheer volume of units, it will take several months to fulfill all of the pre-orders even at full production capacity. Please know that we will be fulfilling orders as fast as humanly possible.
You can expect Coin to work in millions of locations, including corner stores, restaurants, ATMs, grocery stores, and big-name retailers. Every month, we improve compatibility in more and more places, but it is not 100% yet. For example, a small percentage of merchants use payment systems that require your name in addition to your credit card number. Coin does not transmit the name on your payment card, and so machines at these merchants will not accept Coin.
We are acutely aware that we are delivering Coin behind our original schedule, and we are extremely grateful for your patience and support. We made it this far because of you and we are so excited to have you as a part of the Coin Community. But if you have decided you no longer want your Coin, you can get a refund here. If you stick with us a little longer, we think you will find the wait has been worth it: Coin simplifies your wallet, and by doing so, simplifies your life. And, as our beta users saw, there’s a bit of magic that happens when people see it in action for the first time.