Xiaomi Just Revealed A $13 Smart Wristband

Chinese smartphone maker Xiaomi has entered a new market: wearable devices. The tech company has unveiled its new fitness band called the Mi Band, according to CNET.

The band will cost ¥79, or about $13, and it will track activity and sleep metrics as well as serve as an alarm clock.

The ridiculously cheap smart band has a 30-day battery life and can also work as a proximity security unlock for your Xiaomi smartphone. Meaning that if you're wearing the band while holding your phone with that same hand, you will not need to enter a passcode to unlock the screen, it will automatically detect your band.

Xiaomi CEO Lei Jun announced the new fitness band at a recent press conference in Beijing where he also revealed the new Xiaomi Mi 4, which looks eerily similar to the iPhone.