There is a good chance that if you have heard of the SIRIN LABS Token (SRN) it is because of the blockchain smartphone (the FINNEY phone) that is scheduled to launch in a fortnight.
With the launch of the FINNY phone lurking, SIRIN LABS has raised the stakes, announcing what can only be described as a strategic partnership to help in the sale and marketing of the blockchain smartphone.
SIRIN LABS Token Partners with Virgin Gates
The FINNEY smartphone is a product of the partnership between FIH Mobile (a subsidiary of Foxconn Technology Group) and SIRIN LABS. To introduce the smartphone into markets, particularly the Eastern market, SIRIN LABS has partnered with Virgin Gates.
Through this partnership, Virgin Gates will introduce the FINNEY blockchain smartphone into the markets of UAE, Saudi Arabia, Bahrain, Oman, Kuwait, and Egypt.
Furthermore, as a result of this partnership, a SIRIN LABS concept store would be opened in Dubai along with the launch of the smartphone. This is expected to boost the sale of FINNEY in that region.
The government of UAE recently announced its plans to launch a national digital asset by 2020. According to the UAE Government, its cryptocurrency would be used for making payments for bills, taxes, retail purchase and school fees. The opening of a SIRIN LABS concept store in UAE would help in the future adoption and progress of the token in the country.
The Launch of the FINNEY blockchain smartphone and SRN Correction
According to information gotten on the official SIRIN LABS website, the FINNEY blockchain smartphone would be launching in fifteen days – for the countries earlier stated. However, the smartphone is expected to launch commercially on the 15th of December 2018.
In the announcement, SIRIN LABS also stated that although the circulating supply of SRN on CoinMarketCap has increased, the company did not inject any extra tokens into the market.
According to SIRIN LABS, the circulating supply of SRN was increased on CoinMarketCap to more accurately reflect the actual amount of SRN token in circulation. According to CoinMarketCap, the number of SRN tokens in circulation is 491,820,906 while the total supply of the token is 572,166,104.
SIRIN LABS Token (SRN) in the Market Today
The downtrend continues today, with most of the market losing in double digits. SIRIN LABS Token (SRN) has shed 6.04% of its value over the last 24 hours, as at the time of this writing, the token is exchanging hands $0.12096.
While losing 6% of its value against the USD appear bad, the devastating bearish trend makes this performance look good in the crypto market today. The world’s leading cryptocurrency Bitcoin (BTC) is down by 7.8% while Ethereum (ETH) has dropped 12.4% of its value over the last 24 hours.
Given the current market downtrend, it would take something big to turn the tides in the favor of SRN. Fortunately, SIRIN LABS has that, the launch of the blockchain smartphone which is just days away is expected to turn the table around for SRN.