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Finney Blockchain Smartphone Set for October Release in Bangladesh

The Finney smartphone will reportedly be available for sale in Bangladesh in October. The world’s reportedly first blockchain-enabled smart device was approved for import by the Bangladesh Telecommunication Regulatory Commission in August. 

News from The Daily Star

The news that Finney phones will be heading to Bangladesh was revealed by The Daily Star, a local newspaper. 

The launch of Sirin Labs’ crypto smartphone is well-timed as the country is experiencing a surge of smartphone ownership. A 2018 report from research company GSMA Intelligence showed that 75% (or 138 million) of Bangladeshis will have smartphones, while 41% (or 73 million) will be subscribed to mobile internet. 

The GSMA report noted that sales of smartphones have been rising steadily, thanks to the rapid urbanization of the population and the influx of affordable devices. 

$999 Price Tag

Based on its price, the Finney smartphone will likely fall in the high-end category. The device was introduced last year with a price tag of $999. The Samsung Galaxy S10 is currently priced at 74,900 taka ($894) on local phone retailer MobileDokan. 

The Finney phone was developed by Swiss company Sirin Labs after a groundbreaking initial coin offering (ICO) of $157.8 million. The phone has a fixed cold storage wallet, a decentralized app ecosystem, and secured communications. 

Moshe Hogeg, Sirin Labs’ co-founder and CEO, boasts that before Finney was launched, people would need a computer, a ledger, and wallet software. Consumers would also need to go to an exchange before they could convert. Now you could do everything using this one device. 

Bangladesh is proving to be welcoming of blockchain and crypto technology. In August, the country decided to allot funds from its $208 million IT project to send graduates abroad for blockchain training.

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