“Finney” – The First Blockchain Smartphone to be launched in Bangladesh
Finney, the world’s first blockchain-enabled smartphone is going to launch in Bangladesh. The Switzerland-based Sirin Lab’s smartphone, Finney, developed the phone following one of the five-largest initial coin offerings of 2017 ($157.8 million), and it is going to be one of the most secure and expensive smartphones in the market.
It has been reported that on September 9, the Bangladesh Telecommunication Regulatory Commission (BTRC) has approved the phone for import on August 27, and it will be available on the local market of Bangladesh in October.
The phone has been designed and manufactured by the Chinese electronics giant, Foxconn Technology Group. The phone comes with a built-in intrusion system, secured communication, crypto wallet, decentralized application ecosystem, etc.
Mobile Phones in Bangladesh
Finney’s launch in Bangladesh comes amid a trend of growing smartphone ownership in the country. According to a 2018 report from global research firm GSMA Intelligence, by 2025, 75% of the population (138 million) will have smartphones, while 41% (73 million) will be mobile internet subscribers. It has also been reported that Finney’s price is more comparable with high-end phones available in Bangladesh as the increasingly urbanized population has been buying more smartphones as cheaper devices come to the market. Likewise, Finney debuted last year with a cost of $999, while the Samsung Galaxy S10 is available on local phone market MobileDokan for 74,900 takas ($894).
Moshe Hogeg, co-founder and co-CEO of Sirin Labs, said that Finney — which is manufactured by electronics giant Foxconn Technology Group — brings multiple facets of blockchain and crypto into one device :
Hogeg stated :
“Before the Finney, you needed a ledger, you needed a computer, you needed wallet software and then you needed to go to an exchange, and then you could convert. The Finney does all of this on one phone.”
Last month, the Government of Bangladesh decided to use money from its $208 million IT project fund to send graduates for blockchain training in Japan and India. The Government also plans to send 100 new IT graduates abroad to improve expertise in the fields of distributed ledger technology, artificial intelligence, machine learning, and cybersecurity.