The Tel Aviv based, Swiss-Israeli technology firm, Sirin Labs, has announced that it has had the opportunity to raise $118 million in an initial coin offering in just the span of 24 hours. The reason for the ICO was to source funds to create an open sourced blockchain-based smartphone.
The startup has used the new funding vehicle, the ICO, because of its targeted nature toward investors that are looking for blockchain based startups who are seeking to provide value to the ever-growing world of cryptocurrencies. Initial coin offerings allow these projects to deploy tokens in exchange for the capital that is needed right now.
This funding route has been common to those who are seeking to develop new projects in the blockchain space and investors have participated, even if, regulators have continuously stated that these are risky investments. Investors seem to be looking at these projects in a different light and investing accordingly.
Developments by Sirin Labs
The startup is known for its recruitment of Lionel Messi as one of the ambassadors to represent the company. It has achieved a remarkable feat of being able to raise an excess of $100 million in just a small time period of 24 hours for its blockchain infused mobile phone. Surprisingly, the company still has about 10 days left to go for its fundraising event.
While the leadership team had only expected to raise about $75 million, they are surprised by the amount raised and are expecting to be able to stretch the capital further by investing in key aspects of their value chain.
The company is expecting that those who have provided the funds are going to be the first clients and will be the first to purchase the blockchain infused phones.
The team over at Sirin Labs is looking to be able to do more with the capital that they raise, they are seeking to not only deploy their Sirin FINNEY Phone but also their SIRIN computers that will also be equipped with the blockchain technology.
Their phone is expected to arrive by the end of the next year, making it to where consumers can have it in their hands by early 2019!
Now, if you’re wondering how they were able to raise so much in such a short time span, it’s because they’ve been in the market. They have already developed, produced, and delivered Solarin, a privacy-focused android device that priced out the average consumer, commanding a $16,000 price tag.
Features of the Devices
What’s so great about this phone, you ask?
Well, the first core aspect is its blockchain foundation which provides for increased security and the ability to carry out fee-free transactions.
The blockchain features and cyber protection suite will include:
SIRIN OS™ :
- Secure P2P resource sharing
- Built-in cold-storage crypto wallet
- Fast, fee-less, blockchain
SIRIN LABS Cyber Protection Suite:
- Behavioral-based Intrusion Prevention System (IPS)
- Blockchain-based, tampering proof verification
- Physical security switch (for wallet protection)
- Secured communications (VoIP, text, email)
- Three-Factor authentication: Biometric, Lock Pattern, Behavioral
- 5.2-inch QHD display
- 256GB of internal memory storage
- 8GB RAM
- Wi-Fi 802.11ac
- BT 5.0
- 16MP main camera
- 12MP wide-angle front-facing camera
The price of the phone is much less than the prior phone and is sitting at ~$999 for the smartphone and $799 for the PC.