Spotlight on Startups: Bitcoin meets Bionym as alumni use your heartbeat to unlock virtual currency

Alumni behind a wearable device that eliminates the need for passwords, PIN codes and more, are making news around the world again as they prepare to launch a new Bitcoin wallet feature for their Nymi wristband.

Bionym was recently featured in a video as part of this Spotlight on Startups series, in which CEO Karl Martin explained how U of T's entrepreneurship climate and supports helped set he and co-founder Foteini Agrafioti on their path to a thriving business. (See the video here)

The Spotlight on Startups series profiles the many entrepreneurial efforts growing from the hundreds of companies spun out from research and connections sparking every day at the University of Toronto:

U of T hosts more than 50 enterprise-fostering courses, programs, labs, clubs, contests and speaker series across its faculties, departments and campuses — and then there are all the innovations developing in informal settings. U of T ranks No. 1 in North America for number of startups launched. And its roster of spin-off companies driving innovation in Toronto and around the world continues to grow.

But the newest feature of Bionym's Nymi wristband has caught the attention of The Wall Street Journal, Slate, Mashable and more, as the company prepares to launch a feature capitalizing on an emerging digital currency, called Bitcoin.

Martin gave U of T News an update on the Bitcoin connection and what's next for the growing company.

The Nymi has been in the media lately for a new feature relating to Bitcoin. What is it?

Bitcoin is an emerging digital currency that is not controlled by any country or central bank. It's still in the early days for this technology, and it is not well understood or accessible to the general public. Bionym announced that the Nymi will launch with a Bitcoin wallet that will make it easier for people to make payments and securely manage the Bitcoins they own. Essentially, the Nymi will help make Bitcoins accessible and not require a deep understanding of the underlying Bitcoin technology to make it useful. As more merchants start accepting Bitcoin payments, the Nymi will enable users to pay in a seamless and secure manner.

Why does the Bitcoin connection seem to be exciting the public so much? The Nymi was cool from the start, and has lots of potential uses, but people seem to be talking about it a lot more since the Bitcoin wallet came into play…

Bitcoin has been gaining a lot of attention lately as it is on the cusp of transitioning from an early adopter "curiosity," to being a mainstream disruptor. This is a natural place for the Nymi to be, and I think people are very excited to see that the Nymi will be at the forefront of digital commerce.

What are you most excited about in the near future for Bionym?

We're about to start releasing our developer units [ed: testing units for potential users, independent software developers and entrepreneurs]. We have such an eager community of developers and early customers, so we're extremely excited to start putting things in their hands.

Brianna Goldberg is a writer with U of T News.

Visit the University of Toronto entrepreneurship site to learn more about U of T's enterprise-fostering courses, labs, programs and more.

More about Bionym

Bionym is a leader in cutting-edge biometric recognition systems. It develops innovative identity and convenience-based security solutions for modern problems, using revolutionary technologies to protect privacy and ensure data security. Bionym was part of the inaugural cohort of the Creative Destruction Lab at the Rotman School of Management at the University of Toronto. In August 2013, Bionym closed $1.4M (CAD) in seed financing, with the majority of the investment via the Creative Destruction Lab “G7” members. Bionym was founded in 2011 and is located in downtown Toronto, Canada.

More about Creative Destruction

Read more about how the Creative Destruction Lab provides guidance, access to early-stage investors and clients, as well as workshops, professional services and office space on their website.

More about the Banting and Best Centre for Innovation and Entrepreneurship

The Banting and Best Centre for Innovation and Entrepreneurship supports entrepreneurs turning research discoveries into innovative products and companies. In turn, these companies create skilled jobs for local students and graduates of the University of Toronto. In addition to lab and office space for start-up companies, Banting and Best’s Impact Centre and the Innovations & Partnerships Office provide aspiring entrepreneurs with education, mentorship, and resources to support their company. Read more about how Banting and Best's dynamic space supports companies like Bionym, on their website.

More about the Innovation & Partnerships Office (IPO)

Read more about the IPO and how it facilitates research, partnerships and and commercialization at U of T on their website.

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