bitcoin paranoids rejoice. The technical details have emerged about Sirin Finney, an ultra secure mobile device promising to keep your cryptocurrency transactions private. The phone will feature an embedded cold storage wallet, and will be build by the same company that builds the iPhone.
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Secure Element
Sirin Labs has released the specifications for its “ultra-secure” cold storage crypto wallet-phone that is expected to hit markets later this year. The company, which raised $157.8 million in an initial coin offering (ICO) last year, was promoted by .
Foxconn International Holding (FIH) will manufacture the Finny devices in its facilities, leading the original design and manufacturing of the phone, while Sirin will lead the development of the cold storage wallet hardware and the specialized operating system. The platform will be based on Qualcomm Snapdragon 845 with 128GB storage memory, 6GB RAM and Android 8.1. It will feature a 12MPx main camera and 8MPx selfie camera and an “ultra-secure” fingerprint sensor.
The embedded cold storage wallet, which is said to support major cryptocurrencies and tokens, will be based on a tamper-resistant secure hardware element. The developers explained to news.bitcoin.com this means that “the wallet is completely disconnected from the phone in terms of net, electricity and everything. The moment you’d want to make a transaction, the wallet ‘heats up’ with just enough electricity needed for a transaction and then ‘cools’ back down. The whole secure element is completely separated from the main chipset.”
State of the Art
Foxconn (TWSE: 2317) is the world’s largest contract electronics manufacturer and the largest private sector employer in China. It is most widely known in the West for producing Apple’s iPhone and iPad but it manufactures many more devices including Amazon’s Kindle, Nintendo’s 3DS and Wii U, Sony’s PlayStation 4, and Microsoft’s Xbox One, to name a few.
Zvika Landau, Co-CEO of Sirin Labs, commented: “Our team has been working vigorously to make sure that the first blockchain smartphone is cutting edge in all technical aspects. Our collaboration with FIH ensures that we will be offering state-of-the-art design with device architecture that will enable true security and user-friendly blockchain experience.”
Back in March of this year, the Chinese smartphone maker to be in serious talks with Sirin Labs about the device. And according to the company, preorders for the phone are already more than 25,000.
Would you want a crypto phone manufactured by Foxconn? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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As the regulatory bodies have started intervening and are currently working on bringing some sort of stability in the extremely volatile cryptocurrency market, more financial institutions from the Wall Street have started showing significant interest in the digital currency space. The latest report from shows that by the end of this year, nearly one out of the five financial institutions are ready to enter the crypto market to trade digital currencies.
According to the latest report from the , Intercontinental Exchange Inc., the owner of New York Stock Exchange, is currently mulling options to introducing a trading platform that would allow investors to buy and hold bitcoin, said the sources familiar with the matter.
The report further goes to say that currently, the details of the trading platform have been kept confidential and absolutely under wraps, as the ICE spokesperson refused to comment anything about the launch of the trading platform. But the report further goes to say that with the growing concerns of the bitcoin’s negative reputation in traditional finance, it is quite possible that the launch of the trading platform could be stalled for the moment.
Moreover, the Intercontinental Exchange will be discussing with other financial institutions on working to make ICE-backed bitcoin swap contracts available to the banking institutions, but still, nothing remains sure at the moment.
Well, the latest report about the ICE’s plans to enter the crypto space comes just after a week of Goldman Sachs to enter in the crypto space and launching a bitcoin trading platform. A team headed by Goldman executive Rana Yared is currently working on the regulatory considerations and approval, as well estimating all the additional risks that come while dealing with cryptocurrencies.
Yaren said:
“I would not describe myself as a true believer who wakes up thinking bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”
One of the major reasons for Goldman Sachs to consider launching a crypto trading platform is due to the growing requests from its potential clients like endowments, hedge funds, and other institutional investors. Yaren said:
“It resonates with us when a client says, ‘I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value.’”
Two weeks back in an interview to the CNBC, Nasdaq CEO Adena Friedman expressed similar interest for launching a cryptocurrency trading platform, provided, that the regulatory air gets clear and that more stability is introduced in the crypto sphere.
Friedmans said:
“Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors. Over time, if it ultimately does morph into a regulated environment, it does give us an opportunity to participate as a marketplace, but I think that is a long road and it doesn’t have a certain path right now,”
Friedman also said that digital currencies are to stay and it’s just a matter of time for the crypto environment to ripe and mature.
“I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”
As big financial institutions continue with their effort to join the crypto market, it is certainly going to pull big players in the market over the period of time, which shows that digital currencies could have a bright future going ahead.
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