ICO News: Investors Flock to Back Swiss Israeli Startup’s Blockchain Smart Phone
The blockchain has delivered many disruptive technologies, and now it stands to disrupt the mobile phone industry. Swiss Israeli startup Sirin Labs is in the middle of a successful ICO in which it has already raised USD 111 million, according to the company’s website (a Reuters report puts the total at USD 118 million.) One of Sirin Labs’ partners is Google, which incidentally is behind a smart phone of its own.
Proceeds from the sale are going to be directed toward an secure open source blockchain smart phone dubbed Finney that boasts a target price of USD 999. In addition to the smart phone, Sirin Labs is also developing a personal computer. The smart phone is expected to make its debut in the market by year-end 2018, and the device boasts features such as “fee-less and secure transactions” because of the blockchain. And never worry about a dying battery again, as users can swap battery power with other Finney users on the platform.
Upcoming ICO: Risks and Rewards
The European Securities and Markets Authority recently warned investors about the speculative nature of upcoming ICOs, saying the deals are “extremely risky and highly speculative investments.” That has not kept buyers away from the Sirin Labs ICO, whose tally from the token sale continues to climb as the ICO finishes its course.
Sirin co-CEO and founder Moshe Hogeg is quoted in Reuters as saying of the buyers of its token: “These are our potential clients. We think they will be the first to buy the phones.” Investors are buying the SRN tokens, which will give them access to products and services such as the smart phone. Sirin Labs is well over its target of raising USD 75 million to develop the smart phone, so it looks as though Finney is one of those risks that could pay off for investors.