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SIRIN LABS deliver promised blockchain phone to its ICO investors. We have only recently reported on the projects of Moshe HOGEG. He is one of the most colorful actors in the Israeli startup scene and with his VC Fund SINGULARITEAM also a sought-after investor. HOGEG recently came under massive fire in connection with binary options, misuse of investor funds and manipulated ICOs. Now SIRIN LABS, founded by him, has released the first blockchain phone.

SIRIN LABS Delivered On ICO Promises

In December 2017, Moshe HOGEG and SIRIN LABS conducted an ICO raising more than $157 Million to develop its so-called FINNEY device. According to SIRIN LABS, FINNEY devices are “cyber-protected and blockchain-enabled” running on SirinOS, which is a fork of Android designed to support inherent Blockchain applications. Hence, these FINNEY devices should offer crypto wallets, secure exchange access, encrypted communications, and a P2P ressource sharing ecosystem for payment and apps. The FINNEY ecosystem’s means of payment is the SIRIN LABS token SRN which has been listed on several exchanges.

As reported by CryptoVest SIRIN LABS released the FINNEY phone, the first smartphone with built-in cold storage and a crypto wallet. The FINNEY sale has been launched today, with a price tag of $999. The smartphone, presented during the European Blockchain Convention in Barcelona, has already been delivered to early adopters. Simultaneously, a “concept store” in London was presented to get in touch with users offline.

While SIRIN Labs is convinced the Finney phone will eventually appeal to everyone, at first it’s definitely only for the crypto-hardcore. To buy the $1,000 device now, you have to do so using Sirin Lab’s own SRN token through its website. Read a first review of the FINNEY phone here on DigitalTrends.

Delivered But Disliked?

The big accusation against the ICOs is that they failed to deliver their promises. With today’s launch of the FINNEY phone, the SIRIN LABS are first and foremost on the side of the good issuers. They delivered in the first place. At first glance, it is therefore incomprehensible why SIRIN LABS investors have punished the SRN token – as upon today’s announcement the SRN price temporarely lost up to 30%.

SRN token chart with FINNEY announcement
The 7-Day SRN token chart (Source: CoinMarketCap)

Evidently, the market doesn’t like the first FINNEY devices. The price of SIRIN LABS SRN TOKEN crashed right after the launch.  SRN lost almost 25% over the last 24 hours (Nov 30, 3am London time).

FinTelegram will take a closer look into the SIRIN LABS Token and publish a more detailed analysis soon. Stay tuned.


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