Towards the end of last year we were introduced to Coin, a company that was working on card to hold all of your credit/debit cards. The company was all over the news for a few weeks and we hadn’t heard much from them until now. Here is the company’s story (directly from their website) in case you want some background:
The people behind Coin have a passion for building products that simplify, improve and fit seamlessly into your life. We believe that even a minor change in thinking can reap big rewards.
At Coin we know there is plenty to worry about, too much clutter and not enough time. For some it’s a fact of life. For us it’s inspiring.
The Coin team is comprised of consumer electronics experts, designers, software engineers and a former NASA engineer to boot. Something we mention at parties all the time.
We believe Coin is a substantial improvement on how you interact with, and use, cards that have a magnetic stripe.
Whenever you use a card we want to be there. Or whenever you’re having a good time. Or flying in a helicopter.
The company recently sent out an email to people who pre-ordered Coin since it was announced, the email stated the backers would not be receiving the final product and would instead receive a “beta” device that they could help test until late next year when an improved/final version comes to market. The part that really got some people was the fact that they would have to pay another $30 to receive the final product when it actually came.
Today Coin sent out another email, here is a copy of it:
After reading that email I feel more displeased than I was when reading the email from a few days ago. This, to me, shows signs of a weak company that at one point in the past couple of months was misguided and sent down the wrong path. Most startups care about consumers only until they are handed some checks worth millions of dollars. I know that companies experience hiccups, especially in the manufacturing process, but this could have been handled much differently and could have been prevented if Coin had taken a different approach from the start.
While I still find Coin very interesting, I don’t feel safe giving my money and access to all of my credit cards to a company that seems lost and unsure about what to do next with its customers/backers. They essentially played around with peoples money until the investors came in and that, to me, is pathetic. I highly advise you to stay clear from this product until others have tested it for sometime and until there is something that is really worth it.