Ah, that's why nothing happened when I plugged the USB stick in. I never noticed that it was an adapter for the chip.

I wonder if bitcoin users feel threatened by this project..?

It seriously has nothing to do with bitcoin. It's more like paypal but with hardware tokens that can store value. The money on the chip is canadian dollars.

Interesting. So if you lose the token, you lose your money, like a real wallet?

Yes. There's a limit of $500 you can store on the chip.