Sirin Lab Token (SRN), in an interesting move, has nearly doubled in the last trading week, adding a whopping 94%, and impressively up 45% in the past trading day.
SRN is therefore one of the top performing digital assets in the top 100, outperforming Bitcoin and Ethereum.
SRN is an ERC-20 token. Although its performance has been stellar, investors expected more and fundamentals remain scarce.
What is Sirin Labs?
Sirin Lab claims to be the home of the first blockchain smartphone, Finney. In their homepage, they describe the smart phone as a cyber-protected and blockchain-powered with “a built-in cold storage wallet, and unique Safe Screen for secure crypto transactions.”
Also, the smartphone “uses a multi-layered cyber security suite which includes a behavioral-based and machine learning Intrusion Prevention System (IPS), for proactive cyber protection in real-time.”
The $999 Finney Blockchain smart phone
To purchase the $999 smart phone, buyers require to be holders of the SRN token.
These tokens are available at different cryptocurrency exchanges including HitBTC, Huobi, Upbit, and several decentralized exchanges including Bancor.
Besides uncompromising security, Finney, Sirin Lab say has an inbuilt token conversion service where users can seamlessly change one token for another. Meanwhile, the dCenter makes it easy for users to interact with dapps.
Despite what they offered and soccer star Lionel Messi being their brand ambassador, Sirin Lab slashed their workforce by 25% citing low smart phones sales.
Sales were low but orders from Egypt remained high
They had released 1,000 Finney phones to the market. Also their CEO, Moshe Hogeg, Rakishev and Joseph Chen, were also embroiled in a $50 million lawsuit that threatened the firm’s finances.
Coupled with low sales and their anticipated difficulty to meet their obligations, they laid off 15 of their 60 workers according to reports by Globe.
“The global market is not in the best state. The company gives some of its work to outsourcing, and plans to focus on development and distribution of the software.”
With scale news, latest positive news especially from Africa that there have been a surge of Finney smartphone offers from Egypt, may have helped steadied the dwindling fortunes of a project that raised a whopping $225 million from their ICO.
African publications have reported an increased interest in orders for @SirinLabs #FINNEY blockchain #smartphones in #Cairo & growing success across the #African continent. #Egypt is one of the top 25 countries investing in #crypto https://t.co/ijQQRRDP57 #Africa
— Kenges Rakishev (@kengesr) January 24, 2020
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich