Sirin Labs (FINNEY)
CollapsedPayments · $SRN · born 2013 · ✝ 2019
A $158M ICO for a blockchain phone almost nobody bought.
Sirin Labs raised roughly $158M in a 2017 ICO to build the FINNEY blockchain smartphone with a built-in crypto wallet. The device flopped in the market, and by 2019 the company had slashed staff and effectively collapsed.
- Peak
- ~$158M ICO
- Cause
- Collapsed
- Year of death
- 2019
☠️ Cause of death
Dismal sales of the FINNEY handset left the heavily funded company without revenue, forcing deep layoffs and a wind-down.
📓 Lessons left behind
- —A big ICO doesn't create product-market fit.
- —Hardware is brutal even with crypto branding.
- —Token raises can outrun real demand.
🌱 The idea that survived
Hardware crypto wallets
The idea of secure on-device key custody lives on in dedicated hardware wallets.
#ico#hardware#payments#flop