Coin was one of the first companies to try its hand at combining all those credit cards you haul around into a single smart card. There have been others since, but some haven't even shipped. Coin eventually sold over 250,000 units, but this is the end of the road. Coin's wearable payment platform has been acquired by Fitbit, and it will no longer sell its current smart payment device.
The wording of the announcement is telling. Fitbit isn't acquiring Coin, but specifically Coin's wearable payment tech. The deal comes with technology and personnel that will improve Fitbit's products. Coin has been sold out of its smart payment card for a while, and now it's not going to be taking any new orders. The rest of the company will, I suppose, move on to something else or just fade away. The switchable magstripe technology from the Coin smart card was not part of this acquisition. If Coin continues to exist, it could make another version of its payment device that doesn't have the contactless tech built-in.
In the future, Fitbit fitness trackers could leverage the NFC payment tech from Coin, allowing you to pay for things with your Fitbit at NFC readers. Fitbit isn't saying when exactly it will put this acquisition to use, but said it isn't in the 2016 roadmap.