Finney, will soon be available for buying in Bangladesh, the world's first blockchain-enabled smartphone.
The Bangladesh Telecommunication Regulatory Commission approved the phone for import in August and it will be available on the Bangladeshi market in October, local newspaper The Daily Star report on Sept. 9 shows.
Mobile Phones in Bangladesh
Finney's release in Bangladesh is part of a trend in the country's increasing possession of smartphones. According to a 2018 study by the worldwide study company GSMA Intelligence, 75% of the inhabitants (138 million) will have smartphones by 2025, while 41% (73 million) will have portable web users.
Per GSMA, the progressively urbanized population has been purchasing more smartphones as cheaper devices come onto the market, and in this respect, Finney's cost is more similar to Bangladesh's high-end phones. Finney started last year at $999, while the Samsung Galaxy S10 is accessible for 74,900 taka ($894) on the local mobile phone sector.
Built-in blockchain and wallet features
Sirin Labs, based in Switzerland, developed the phone after one of 2017's five biggest initial coin offerings ($157.8 million). The phone features an integrated cold storage wallet, secured communications, and a decentralized ecosystem of applications.
Moshe Hogeg, co-founderand co-CEOof Sirin Labs, said that Finney — produced by Foxconn Technology Group, an electronics gigantic — connects various facets of blockchain and crypto into one unit:
"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."
Blockchain in Bangladesh
The government ( govt) of Bangladesh agreed last month to use cash from its $208 million IT project fund to send graduates to Japan and India for blockchain instruction. The govt is planning to send 100 new IT graduates overseas to enhance skills in distributed ledger technology, artificial intelligence, machine learning and cybersecurity.