SIRIN LABS, the developer of ultra-secure mobile phone Solarin, has announced that its new initial coin offering (ICO) has raised more than $100 million in less than 24 hours. At the time of publication, the ICO managed to raise another $10 million.
World’s first blockchain phone
The crowdsale sold ‘SRN’ tokens to raise money to develop a range of devices under the brand name ‘Finney’. These devices are a blockchain-enabled smartphone and PC, run on the SIRIN operating system and powered by IOTA’s Tangle technology. Only SRN token holders will be able to purchase the devices.
The stated aim of the new products is to make blockchain technology more accessible by making it more lightweight, simple to use, and by eradicating fees.
Oren Ben Tovim, SIRIN LABS CSO, told Finance Magnates “The SIRIN OS and FINNEY are designed for supporting the cryptocurrency ecosystem. Based on a behavioral based intrusion prevention system, embedded cold storage wallet, decentralized ledger supporting micro-payment based P2P resource sharing, a Token conversion mechanism, enables seamless user experience for trading and using services with a different type of coins and tokens, and excellent user experience for day to day routine in the crypto world.”
Moshe Hogeg, founder and CEO of the company, said earlier: “We’re humbled by the great support of the crypto community in our vision.”
When the ICO was first announced in September, Hogeg said that the goal was to revamp the company’s SOLARIN phone, creating a new product that could easily support blockchain functions such as cryptocurrency wallets.
Now that the ICO has been successful, the company blog states: “SIRIN LABS is ready to utilize the core technology of SOLARIN and re-engineer it for the crypto crowd, by offering the only smartphone in the world that’s fully secure and safe enough to hold cryptographic coins.”
The Flea jumps aboard
SIRIN LABS was in the news last week when it signed a partnership with Argentine football star Leo Messi. The company did not disclose how much it paid to secure his endorsement, but given that his social media posts are worth an estimated $500,000 each, it can’t have been cheap.
This is important because the company’s products have been, until now, niche. Signing a superstar like Messi shows that it is clearly willing to spend to reach a wider audience.