Finney, the world’s first blockchain-enabled smartphone will soon be available for sale in Bangladesh.
Swedish company, Sirin Labs, the blockchain phone developer raised one of the five largest initial coin offerings of 2017 at $157.8 million.
Manufactured by Foxconn Technology Group, the phone promises to deliver high-end security and a unique privacy violation alert system, a one of its kind.
Bangladesh Telecommunication Regulatory Commission facilitated for import in August and will soon be available in the domestic market by October.
Features of the phone include decentralized apps, secured communications and, built-in cold storage wallet. The phone amalgamates both blockchain and crypto into one device.
Rising mobile ownership in Bangladesh
According to a 2018 report from GSMA Intelligence, 75% of the Bangladesh population will have smartphones by 2025 while 41% will be mobile internet subscribers. The report suggests that high-end phones have a huge market in Bangladesh citing an example that Samsung Galaxy S10 priced at $894 have a good capture. Hence, Finney’s debut price last year at $999 can be expected to capture the potential market too.
“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 in one phone.” Sirin Labs’ co-founder and co-CEO Moshe Hogeg
Bangladesh and blockchain technology
Bangladesh government have been showing considerable interest in the blockchain sector. Last month, the country utilized $208 million IT Fund for blockchain education. The graduates were sent to Japan and India for training.
In the meantime, it is planning to send 100 IT graduates abroad to specialize in blockchain, artificial intelligence, cybersecurity, and machine learning.