There is also a YouTube video now revealing some more information.

According to it, the ring will have a secure element and be NFC compatible. Everything will work with a native app, since the ring has no screen. The security features include PIN codes and biometric authentication. The ring doesn't have a battery, so it will be interesting to see what powers it. Backup cards will work if you break your ring, it gets stolen, or you lose it.

The ring is made of a ceramic material and is water-resistant.
Apparently, it's not going to hit the market before Q1 2024.