Soon, you may be able to unlock your Bitcoin wallet with your heartbeat.

Biometrics startup Bionym announced on Tuesday that it will be launching a Bitcoin wallet as one of the first applications for its Nymi wristband.

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The Nymi wristband, which will be shipping in early 2014, uses the wearer's heartbeat (or, more precisely, the shape of an individual's ECG wave) as a unique signature used to authenticate identity.

Toronto-based Bionym has its sights set on eventually replacing all passwords with its wearable tech. But it is launching its own Bitcoin wallet as one of its first apps for the Nymi.

"People don't know where their Bitcoin funds are stored, and who can access them," said Bionym's chief cryptographer, Yevgeniy Vahlis, in a press statement. "The Nymi's wallet application makes the answer clear: the wallet is physically stored on the Nymi. The Nymi's multi-factor system, including its ECG biometric, ensures secure Bitcoin storage tied to the rightful owner.”

Bionym's Nymi wristbands will be available in early 2014. Image: Bionym

Bitcoin requires two keys to make transactions. One key, which is public, allows people to receive bitcoins, while another, a private key, is required to spend bitcoins. By using the Nymi, the wristband wearer's private keys are tied to their heartbeat so the key can be stored offline, yet still easily accessed by the owner.

Bionym hopes users will eventually be able to use the Nymi for everything from buying a cup of coffee, to turning on appliances, and is encouraging developers to use its SDK to develop new applications for the device.

The Nymi is currently available for pre-order from Bionym for $79. After the company sells its first 25,000 wristbands, the price will increase to $99.