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Tech Firm Raises $118 Million To Support Development Of A Blockchain-Based Smartphone

By Manmeet
Published almost 3 years ago

Sirin Labs, a Swiss-Israeli technology firm has claimed that it has created funds worth $118 million through an Initial Coin Offering (ICO). The firm now plans to use the raised funds for sustaining and holding up the development of an open source blockchain smartphone. 

If you are wondering what an ICO is then you must know that it is an unregulated way by which funds are raised for a new cryptocurrency embarking. During the ICO drive, certain supporters of the firm, as well as enthusiasts, buy few of the new crypto coins which are distributed with flat or virtual currency. These coins are referred as tokens and can be said as similar to shares which are sold by a company to investors through an Initial Public Offering (IPO).

These ICOs have become relatively common in the past few years. However, these investments are termed as highly risky, theoretical as well as extremely notional by the top investment markets. 

Sirin Labs has reported generating the revealed amount from about 5,600 people internationally and that too within the first 24 hours. The technology firm will be carrying out its ICO campaign for few more days. This huge participation of people from all over the world showcases the number of potential clients and initial buyers for the blockchain based smartphone (development of which Sirin is raising these funds for). 

Soccer superstar “Lionel Messi” is roped in as its brand ambassador by the technical organization; star power of whom will definitely help to garner more investors for the venture. The technical establishment apart from utilizing the raised funds for supporting the development of a secure blockchain smartphone is planning to put a part of the initial investment for the development of a blockchain based personal computer as well. 

Sources from the company said that the phone will be available in the market by end of next year. Users of the blockchain smartphone will benefit from carrying out increasingly secure transactions. Also, users will get the power and the ability to carry out transactions without paying any relative fee for the same.  

According to Sirin Labs, their target was to raise about $75 million which is the estimated amount required for the development of the said blockchain smartphone. The additional funds have definitely given a morale boost and encouragement to the firm for increasing its production and to actively invest in the sales and marketing of its product. The company is now also planning to develop more cryptocurrency related products in the future. 

From above, we can say that current trends and the acceptability of the people for cryptocurrency have surely made the same as the currency of the future. However only time knows what it holds for cryptocurrency in upcoming years as there is definitely a high amount of risk involved in investing in cryptocurrency and the market for the same is highly volatile. 

So let’s wait and watch!