Sirin Labs, creators of the cryptocurrency-focused Finney smartphone, and an Israeli cybersecurity startup are in talks over a merger that would create a broad-based group that offers a range of software, as well as hardware products.
Moshe Hogeg, founder and CEO of SIRIN LABS, confirmed the news to Globes indicating that his partner in the Singulariteam group, Kazakh billionaire Kenes Rakishev, “visited Israel specially this week in order to close the deal to merge a small Israeli cybersecurity company into Sirin Labs.”
If the deal goes through, the undisclosed cybersecurity firm would be joining the expanding empire of Moshe Hogeg, who has already poured investment into every corner of the internet economy. In addition to his latest BlockTV media venture, he is the controlling shareholder in venture capital fund Singulariteam and the Beitar Jerusalem soccer club, among other projects.
The Israeli Entrepreneur has come out saying that the merger talks had reached an advanced stage and expects to sign the deal within a few weeks.
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The combination talks come as Sirin Labs tries to restructure its businesses as regulatory pressures mount, and the crypto market slows down after a period of heady growth.
Sirin plans to leverage its brick-and-mortar locations
SIRIN Labs has been one of the most paradoxical projects in the crypto space. While it managed to raise over $250 million in two ICOs rounds, the current market capitalization of its SRN token is now less than $3 million. It reached a peak of $3.27 in January 2018, exactly when crypto hype started to give way to a deep crash leading to a constant depression of the token, despite some short-lived speculative pumps.
Sirin Labs previously partnered with a number of crypto services providers to bring the FINNEY to a wider mass. To promote the product, the company signed Barcelona star Lionel Messi as its brand ambassador back in December 2017.
The company is also no strange to the software field as it has SIRIN OS, which is designed to support inherent blockchain applications such as cold storage crypto wallet, secure exchange access, encrypted communications and a P2P resource sharing ecosystem for payment and apps.
As a direct result of the growing demand that Hogeg predicts, Sirin Labs plans to leverage its brick-and-mortar locations, including its flagship store in London’s Mayfair, to sell cybersecurity products as well.