Tech start up develops bracelet for contactless Bitcoin payments

A tech start up has developed a proof-of-concept prototype for a wearable Bitcoin wallet.

A tech start up has developed a proof-of-concept prototype for a wearable Bitcoin wallet.

The bracelet allows users to make small payments in Bitcoin or other virtual currencies just by making a gesture, according to start up company and creator of the bracelet MEVU.

CEO and co-founder Apurv Mishra said: "MEVU could add a layer of payments for smaller value transactions: parking, tipping, and so on.

"If we use bitcoin or any other currency, if it has the facility for tipping, I think that’s what people would want."

Mishra and his team said that they believed payments of over $20 probably needed more confirmation than a simple gesture, but that two step authentication involving a user’s mobile phone was a possibility for larger payments.

The device uses Bluetooth low energy (BLE) to make contactless payments.

As many mPOS devices based around tablets use BLE, MEVU says the bracelet will mesh seamlessly with existing infrastructure.

Mishra said the company was now focusing on developing a version of its software that will be compatible with Android, given Apple’s stance towards Bitcoin.

He added: "With Bitcoin, as we know, there are some challenges. We cannot bring this app to the Apple App Store. But I thought that demonstrating this is what we need, this is the direction, would be really interesting."

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