Fit Pay Inc., a wholly owned subsidiary of NXT-ID Inc., is now accepting preorders for Flip, a new contactless payment device that enables cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations, according to a press release.

The device, announced earlier this month, uses value exchanged from cryptocurrency to make traditional payment transactions.

"Flip represents an exciting expansion of the FitPay Payment Platform by connecting cryptocurrencies to the payment ecosystem," Michael Orlando, COO of NXT-ID and president of Fit Pay, said in the release. "We founded Fit Pay to fundamentally change the payment experience, and making contactless payments with cryptocurrency is a big step toward that goal."

Flip's NFC antenna allows it to transact payments at any retail point of sale location that accepts contactless payments. Flip will store a preloaded amount of U.S. dollars that are exchanged from the user's existing cryptocurrency account. It includes a digital wallet that enables the user to set how much value they would like their Flip to hold and when they would like it to reload. Flip does not need to be charged. Initially, Flip will accept value exchanged from bitcoin and will potentially expand to other cryptocurrencies in the future, according to the release.

Consumers interested in purchasing Flip can preorder the device at FliptoPay.com. The retail price for Flip is $29 with standard shipping included. There are account and exchange fees associated with maintaining a Flip digit wallet. Initial deliveries are expected in the second quarter of 2018. Customers will only be charged when the product is shipped to them. Flip is currently only available in the U.S.