Nxt-ID to spin off authentication technology into a new company

Wednesday 26 September 2018 10:33 CET | News

Nxt-ID has announced plans for an initial public offering as it spins off its payment, authentication, and credential management business into an independent company.

The assets acquired in the May 2017 acquisition of Fit Pay will also be included in the new company, and Nxt-ID has committed to investing 6 million to fund its operation, as it applies to be listed on the NASDAQ exchange.

The new company will include the Fitpay Token Requester Platform, which supports payments and enables cardholders to add payment credentials to devices integrated with Fit Pay’s token management product. According to the official announcement Fit Pay is one of the first commercialized token requester services integrated with major payment card networks.

The new company will also develop payment and authentication devices based on NFC, cryptocurrency, and blockchain technology. Current projects include digital payment and loyalty devices to be distributed through partners, and payment devices for contactless Bitcoin payments at retail locations.

Fit Pay is providing the payment capabilities for the biometric ring offered by startup Token, which was launched in 2017. More recently, the company has partnered with Garmin to add payment capabilities to its wearable products.

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Keywords: Nxt ID, authentication, payments security, fraud prevention, mobile security, Fit Pay, tokens, crypto
Countries: World

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