Blockchain Smartphone to Enter Bangladesh

Asia Blockchain Review
September 17, 2019
Blockchain Smartphone to Enter Bangladesh

Finney, a blockchain-powered smartphone being touted as the first of its kind in the world, will be available in the Bangladeshi market this October after receiving the greenlight from the country’s regulatory board earlier in August.

Blockchain-Powered Smartphones for All

According to Cointelegraph, local newspaper The Daily Star reported that the Bangladesh Telecommunication Regulatory Commission has granted approval for the smartphone to be imported. They are likely to become available on the market in October.

Part of the reason the smartphone was designated for the Bangladeshi market may be due to the rise in smartphone ownership in the country.  Global research firm GSMA Intelligence released a report in 2018 that by 2025, about 75% of the population of 138 million people will own smartphones, with 41% or 73 million expected to have access to mobile internet.

GSMA also noted that as more smartphones with lower price points are becoming available on the market, the popularity of such devices has quickly surged. 

Nevertheless, Finney’s smartphones are being on the higher end at $999, according to its debut price in late 2018. 

Offering Blockchain and Wallet Functionalities

The smartphone was developed by Sirin Labs in Switzerland after it raised over US$157 million in funding in 2017. According to the lab’s Co-Founder and Co-CEO, Moshe Hogeg, the device offers many functionalities for blockchain and crypto to users. 

“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,” Hogeg said.  


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