After several years of efforts in developing a blockchain based smartphone, Sirin Labs, an Israeli startup, has reportedly launched its first retail store in London, on 15 January 2019.
As per trusted sources, the device is targeted at cryptocurrency enthusiasts; the Israel-based startup has been demonstrating their passion for the blockchain focused smartphone since 2016. Back then they only had Solarin in their portfolio, a smartphone priced at $14,000 and meant for crypto heavyweights, cite sources.
Market analysts state that the idea behind selling a blockchain based smartphone for 14 grands didn’t take off as per their expectation. Therefore, after returning to the drawing board and in an attempt to develop a new phone from scratch, they returned to the market in March 2017 with the Finney phone. In an initial coin offering, the Finney phone raised more than $150 million, making it a more successful approach, analysts added. Customers interested in the device were allowed to preorder it late last year for a rather realistic price tagged at $999, cited sources familiar with the development.
Reportedly, the Finney phone was also aimed at those in the cryptocurrency space and delivered numerous features to make the average cryptocurrency enthusiast’s life easier. The several features offered by the phone included a cold storage wallet, Finney’s own crypto payment services, and the ability to use decentralized apps, through Sirin’s operating system. For the record, the Finney phone was named after Hal Finney, an early bitcoin adopter.
Sirin Labs reportedly upgraded their London-based physical store around their new Finney smartphone. The location was also picked wisely as the founders believed it could become a destination and gathering spot among cryptocurrency enthusiasts, claims Sirin. Also, the company is anticipating to launch a second store to be located in Tokyo, but specific date and locations haven’t been confirmed yet.
While further elaborating Shirin Labs’ strategy behind choosing London for their first store, Kenes Rakishev stated that the city’s tech center was booming in 2018 and attracted significantly more investment compared to other European centers, securing over £1.8 billion. Therefore, the location is ideal for Finney, the world’s first mass-market blockchain phone to go on sale, Rakishev added.