Posted: 10 months ago

CNICK to Introduce Smart Rings Made with Precious Metals

The Cnick company is working on a new model of "smart ring", which will go on sale in about a month. The innovative model will be made of silver and gold.

As Davit Kvitsiani, co-founder of CNICK, told "Business Partner", if until now the company made smart rings from wood and sold them only on the international market, now the range will be expanded and "smart rings" made of precious metals will also appear on sale.

According to his explanation, this will be a unique product that has no analogues in the world, and like other CNICK models, it will help the user in performing financial and other operations.

The Georgian smart ring made of precious metals will be fully exported and it will be sold in European countries, namely England, France and Germany.

As Kvitsiani explained, the new model of the "smart ring" will be more functionally loaded in addition to the design, and it will be possible to gradually add various functionalities to it.

"There is no analogue of our ring in the international market, therefore, we do not compete with anyone in terms of price. We have the opportunity to put a higher price on our product. CNICK is a leading company in the world, we create a multi-functional product, it can be used as a payment function, a car key, as well as a pass. Our design is also different - if the foreign analogues of the ring are all ceramic, black or white in color, our product looks like jewelry and is made of various colors and materials," Davit Kvitsiani notes.

According to him, at this stage, rings made of wood from CNICK are used in European countries with a supervisory function, and with a car key function in all countries of the world.

"The ring has a very high security level. We use tokenization, which is a fairly high standard today. This allows users to attach the ring to a card they already own and use it as such. The ring does not require opening a separate account or getting a card. At this stage, unfortunately, we are not represented in the Georgian market. Despite a lot of efforts, Georgian banks did not want to cooperate with us.

As for the car key function, available globally, CNICK has created the first smart ring that performs the function of a car key, specifically, a TESLA," Davit Kvitsiani said.