• Mon, 27 May 2019, 09:33 AM
  • All times are UTC
  • Edition:
    International
Link copied

Blockchain smartphone maker Sirin Labs lays off 25% of staff

Wed, 17 Apr 2019, 10:03 am UTC

Blockchain smartphone maker Sirin Labs has laid off 25 percent of its workforce due to less than expected sales of its smartphone, Globes reported.

In December 2017, Sirin Labs closed a highly successful initial coin offering (ICO) drive in which it raised $157 million. It has also roped in football star Leo Messi as its brand ambassador.

The company launched its blockchain smartphone ‘FINNEY’ in November 2018, priced at $999. The smartphone, which runs SIRIN OS, comes with an embedded cold storage crypto wallet, a comprehensive and multi-layer cybersecurity suite, a Token Conversion Service (TCS), and a multi-blockchain DApp store.

Sirin Labs told Globes that it has laid off 15 of its 60 employees, adding, “The global market is not in the best state.”

“Sales are not what we expected,” it added.

That said, the company refuted recent reports that it had failed to pay its staff. It clarified that wages have been paid for the month of March and employees would be paid for April on Tuesday.

Sirin Labs founder and co-CEO Moshe Hogeg’s previous ventures – Stox blockchain platform and Mobli – have not been successful and were shut down. In January, Hogeg and Stox were reportedly being sued for more than $4.6 million by a Chinese investor for alleged embezzlement of some of the crypto millions invested in the firm, CoinDesk reported.

Hogeg has also founded the Singulariteam investment fund with billionaire Kenges Rakishev. Hogeg, Rakishev, and Chinese-American Singulariteam manager Joseph Chen are also being reportedly sued by Canadian Internet entrepreneur Adam Perzow for defrauding many investors of hundreds of millions of dollars.

In addition to Sirin Labs, HTC and Samsung have also entered this blockchain smartphone space.

Last May, HTC announced that it is working on a new Android phone which will be powered by blockchain technology and started shipping “EXODUS 1” smartphones in late 2018. Samung, on the other hand, has debuted blockchain features on Galaxy S10, which features crypto wallet, distributed app (dapp) partners and a digital signing app, CoinDesk reported.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,725.31 (+9.05%)
  • Ethereum (ETH) $267.92 (+7.19%)
  • XRP (XRP) $0.410300 (+7.03%)
  • Bitcoin Cash (BCH) $434.51 (+8.28%)
  • Litecoin (LTC) $113.90 (+11.94%)
  • Bitcoin (BTC) $8,725.31 (+9.05%)
May 27, 2019 (Monday)
09:11
More Indian telecom giants including Vodafone Idea, Jio to deploy blockchain-based anti-spam call tech
08:53
Recruit invests in next-gen blockchain startup COTI
07:44
Crypto exchange Bittrex teams up with IdentityMind for automated transaction monitoring
07:05
Rabobank ditches plan to launch cryptocurrency wallet 'Rabobit'
06:53
Deloitte Canada selects LiteLink as blockchain delivery group
06:09
Crypto trading app Robinhood gears up to raise $200M: Report
06:04
Saudi Customs departs first blockchain-powered shipment to Rotterdam
05:16
US State of Montana is now crypto friendly, recognizes utility tokens
04:20
Facebook’s Zuckerberg reaches out to Winklevoss twins for crypto project: Report
03:46
Blockchain capital markets platform iSTOX joins Singapore's sandbox
03:33
Luxury watchmaker Vacheron Constantin to use blockchain technology to authenticate timepieces
03:23
Swisscom TV to showcase blockchain-based artwork
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft