April 4, 2018 / 11:23 PM / 18 days ago

Foxconn and Sirin Labs to make first blockchain smartphone

(Reuters) - Swiss-Israeli technology firm Sirin Labs said that FIH Mobile Ltd (2038.HK), a subsidiary of world’s largest contract electronics manufacturer Foxconn, will manufacture its Finney blockchain smartphone, which is designed to securely store and use digital currencies such as bitcoin in fee-less transactions.

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu

Finney, the world’s first blockchain-based smartphone, can automatically convert tokens for the use of decentralized applications, without having to obtain the different tokens through an exchange, Sirin said.

The company raised $157.8 million in an initial coin offering in December to support the development of an open source blockchain smartphone, as well as a blockchain personal computer.

Sirin plans to sell the device through eight new stores located in Vietnam and Turkey and has so far more than 25,000 units preordered, according to a Bloomberg report bloom.bg/2IqjAQD.

Sirin aims to ship from 100,000 to a few million units this year, the report said.

    Reporting by Rama Venkat Raman in Bengaluru; Editing by Leslie Adler

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