Buxton Wallet CEO Jim Buxton, who is also CEO of The Crypto Company, is getting the backing of the cryptocurrency community after launching his new product: the “Lucky Card Back.”
Buxton said in a statement that the new product was designed to help those who lose their credit cards.
He told CNBC’s Squawk Box that the card-back system will let users store a digital signature, which will be tracked over time and could be used to verify transactions.
Buxton described the new system as “an extension of my commitment to provide customers with a convenient and secure method of recovering their lost cards, even when their credit card information has been compromised.”
The card-card system has been in use by many merchants since the beginning of the year, including the popular wallet and wallet app Square.
Buxtons new product will be available to users on October 20.
Buitton told CNBC that the company has more than 1.2 million merchants participating in its system, and that about 3.3 million cards were lost in 2016.
Bupton said that the system could have been a much more efficient and cost-effective way to recover cards.
The Lucky Card Back will allow users to store a “digital signature” on their card, and when the card is stolen, the “lucky” card will automatically be sent back to the issuer, he said.
Buetzons new service will cost $20 per year.
Buets new system can be used by merchants who have their card information stolen and want to recover the card, according to Buxton.
He said that he will also make the card refundable.
Buettons system is not unique to Buetons company.
“We’ve seen companies like the American Express and Visa card back up, and they’ve been successful,” Buxton told CNBC.
“There’s a lot of technology out there.
But there’s no one platform that has that kind of breadth of functionality.”