Foxconn

Taiwanese electronics giants are helping to develop a Blockchain Smartphone. The project is code named the Finney and is primarily being developed by Swiss startup Sirin Labs

It is now being reported that FIH Mobile Ltd, a subsidiary of Foxconn has agreed to help develop and produce the smartphone. It will be developed with a physical switch that activates a cache of crypto-related services and will also support and integrate all kinds of tokens.

Sirin plans to sell the device through eight new stores located in Vietnam and Turkey and has so far more than 25,000 units produced. Their CEO, Moshe Hogeg hopes to sell the phone through mobile carriers in the future alongside a shipping target between 100,000 to a few million units per year.

In December 2017 Sirin Labs raised $157 million for the project in an initial coin offering, in addition to $70 million raised previously. They are aiming to fill a gap in the fast-growing crypto market for a secure device that can simplify the use of cryptocurrency across multiple applications.

Finey is expected to start shipping in October for around $1,000. The price right now may seem very steep, however, by licensing the phone’s technical advances to other phone makers, Sirin hopes the price for a Finney could later fall possibly as low as $200.

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