Sirin Labs have taken to Twitter to announce that they have appointed FIH Mobile (Foxconn International Holding) to manufacture their blockchain smartphone, FINNEY. Sirin previously released their ultra-secure Solarin phone with a hefty $15,000 price tag, but they expect Finney to retail for a more modest $1,000.
Foxconn is a huge Taiwanese electronics contract manufacturing company that was founded back in 1974. It has a long history of manufacturing household name devices like the Apple iPhone, Amazon Kindle, and the Sony PlayStation. They have somewhere between 230,000 and 450,000 employees at their main factory in Shenzhen, with over a million employees in total located in China. They also have factories around the world in India, Brazil, Japan, Mexico, South Korea, and Europe.
Sirin Labs, based in Switzerland, is hoping that their new phone will make it much easier, and safer, for the public to store and use cryptocurrencies via a smartphone. At present, it takes quite a bit of technical know-how to store digital assets, and it’s not without risk. Sirin completed their ICO in December 2017, raising $158 million from the sale of their SRN token. Sirin plans to sell their phones for SRN tokens rather than fiat currency.
The three biggest exchanges for SRN tokens are Bittrex, Liqui, and Huobi. In the days following the announcement that the Finney phone is to go into production, the price of the token has risen about 20% from 3200 to 3900 Satoshis. 25,000 phones have already been pre-ordered with the first batches off the production line destined for Turkey and Vietnam. The target for sales in 2018 is from 100,000 to 1-million units with the first phones expected in October.
Sirin expects the price of the phone to come down from $1000 to somewhere in the region of $200 if they license their technology to other businesses. They have confirmed that licensing discussions have taken place with Huawei, but no official announcements are forthcoming at this present time. Huawei overtook Ericsson in 2012 to become the biggest telecommunications company in the world.
If licensing develops with Huawei or other smartphone producers, Sirin’s hopes of bringing secure storage and everyday use of cryptocurrencies to the masses at an affordable price should be one step closer.
Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.