What’s so special about this ring that costs 3.6 million, attracting more than 10 companies to invest?

Itochu Corp, Mitsubishi UFJ and many other companies in Japan have spent money to invest in the project Evering – a smart ring capable of replacing wallets as well as electronic keys. This product, developed by MTG Co in partnership with Visa, was sold in Japan last year for $158 (about VND 3.6 million).

Ring is made of zirconia material, integrated chip to pay bills when shopping or unlock doors instead of magnetic cards. With the advantage of being waterproof, does not use batteries and also has a stylish design that is no different from other rings, Evering has attracted the attention of KOLs in the land of the Rising Sun, and now of companies. great.

Currently, there are more than 10 investors involved in this project. MTG says it has raised 1 billion Japanese yen ($7.6 million) from Mitsubishi UFJ, Toppan, Itochu and Daiwa House, a company specializing in smart home solutions. Evering’s success can be explained by the increasing demand for “cashless” payment after the COVID-19 pandemic, ensuring the health of both buyers and sellers.

Shares of MTG jumped as much as 9.2% at the end of May after news of the company receiving investment money from major companies. In an interview last year, MTG president Yoshihito Ohta said the company was aiming for a market capitalization of 100 billion yen ($765 million).