April 4, 2018 / 11:26 PM / 7 months ago

Foxconn and Sirin Labs to make first blockchain smartphone

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

(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.

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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