Swiss-Israeli technology firm Sirin Labs said that FIH Mobile Ltd, a subsidiary of world’s largest contract electronics manufacturer Foxconn, will manufacture its blockchain smartphone, which is designed to securely store and use digital currencies such as bitcoin in fee-less transactions.
According to Bloomberg, Finney, the world’s first blockchain-based smartphone, is expected to start shipping in October for around $1000, and will initially be sold at eight new stores, to be sited in crypto hotspots around the world. Sirin CEO Moshe Hogeg told the news source that the phone may eventually be sold via mobile carriers too.
Sirin said that over 25,000 Finneys have been preordered so far, and the company is eyeing a sales target for 2018 in the range of 100,000 to several million.
As reported by CoinDesk, Sirin Labs raised $157 million in December for the project in an initial coin offering, in addition to $70 million raised previously.
The Finney will be capable of working without using an exchange to convert digital currencies and will let users shop on sites such as Expedia. Another feature will allow users to turn their phones into personal hotspots that can be rented out for digital tokens. Security will be protected via iris or fingerprint scans, though a password can also be used.