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The giant multinational subsidiary of Hon Hai Precision Industry Co. Ltd. has unveiled its involvement in a major project that will operate with blockchain technology.

Foxconn, a Taiwanese- based electronics manufacturer, plans to launch a mobile phone in collaboration with Sirin Labs, according to news. The device that will operate on the Android software platform has been called Finney and will be designed from the beginning, introducing encryption elements, an app store, software for crypto storage and a conversion for tokens.

The Finney smartphone is expected to be delivered in October 2018

According to Bloomberg, the new smartphone will be delivered for the first time in October 2018 at a price of $ 1,000. It’s expected to be initially sold in only eight stores, which will be designed and fused in the world’s most important crypto hotspots.

The phone will also be available for purchase in major mobile operators, according to statements made by Sirin Labs’ CEO Moshe Hogeg.

The Taiwanese Foxconn will support the Sirin Labs startup in order to help them create the new blockchain phone. This will focus especially on the security and the way of keeping Bitcoin and altcoins.

The device seeks to integrate all kinds of tokens. It will let owners shop on crypto friendly sites like Overstock.com and Expedia, converting cash into specialized tokens if needed. Users may also activate their phone’s Wi-Fi while commuting and get paid in tokens by fellow bus riders looking for access to a wireless network.”, according to Bloomberg.

The project has collected $ 158 million in ICO

The startup Sirin Labs managed to accumulate $ 158 million in Initial Coin Offering, in addition to the $ 70 million previously accumulated. According to Sirin’s CEO, over 25,000 units have already been pre-ordered. Starting October 2018, the company expects to deliver between 100,000- 1 million units only for this year.

According to Bloomberg, the Switzerland-based startup plans to license its blockchain project to offer more manufacturers the opportunity to get involved in developing the smartphone. In this way, the company will have the necessary resources to reduce the price of a device from $ 1,000 to $ 200.

Hogeg stated that “I think I can take it to a mass market phone in a world where innovation in phones is saturated, it’s dead”. At the moment, Sirin is in talks with Huawei Technologies Ltd, Bloomberg has confirmed.

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