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Sirin Labs, maker of the Finney blockchain smartphone, raises $110 million in its ICO

Sirin Labs, the firm producing the first ‘blockchain’ smartphone dubbed the Finney, has succeeded in raising $110 million in its ICO token sale.

Sirin Labs, the firm producing the first ‘blockchain’ smartphone dubbed the Finney, has succeeded in raising $110 million in its ICO token sale.

Earlier this year we reported that Sirin Labs – the firm behind the expensive Solarin smartphone – was proceeding to produce a blockchain smartphone named after Hal Finney.

The ultimate device (simply named the Finney) would apparently only be available to investors who hold the company’s SRN token – and the firm has furnished a white paper detailing its intentions to create ‘consumer electronics for the Blockchain era’.

Read: CryptoKitties: The craze that’s causing traffic jams on the Ethereum blockchain

As of today, the firm has officially concluded its Initial Coin Offering – which has raised a staggering $110 million USD.

Presiding over the announcement, Moshe Hogeg – CEO and Founder of Sirin Labs – offered that “We’re humbled by the great support of the crypto community in our vision… Blockchain technology won’t cross over to the mainstream until the user experience is fixed. Our successful crowd-funding provides us the resources to solve such issues and bring to market a safer and simpler experience for mass market adoption.”

Sirin Labs may well be the first company to steam ahead in the blockchain era – the company has asserted that its new ecosystem of products (including an all-in-one PC) will form an independent Blockchain network powered by IOTA’s Tangle technology.

Sirin Labs’ new products will leverage a network that will operate without mining centers and will use the SRN token as its default currency, while the handset itself will run on a proprietary operating system designed to support blockchain applications such as cryptocurrency wallets.

According to the firm, the Finney is expected to retail for the pricey sum of $999 USD, and in terms of general specs will pack in a 256GB internal memory as well as a 16-megapixel primary camera.

The device will apparently feature a physical security switch and a ‘behavioral-based’ intrusion prevention system.

Chiefly, the handset is slated as being the first smartphone secure enough to house cryptographic coins.

Read: Up to 90% of mobile cryptocurrency apps could have vulnerabilities, new research claims

What are your thoughts? Would you line up to purchase the Finney? Be sure to let us know your opinion in the comments below!