Sirin Labs, a Tel Aviv-based smartphone startup, has had to lay off 25% of its workforce due to the failure of its much-anticipated blockchain phone, Finney, as revealed by Globes, an Israeli business newspaper.
Sirin Labs’ response to the reports of 25% of staff being fired
Sirin Labs is controlled by the owner of the Beitar Jerusalem soccer team and chairperson of Singulariteam fund, Moshe Hogeg. He has finally responded to the reports of layoff of the workforce at the company telling Globes that they have only cut off one-fourth, i.e. 15 people of their 60 employees, However, according to Globes that is fewer than the actual number.
Sirin Labs’ smartphone sale didn’t go as expected
Sirin Labs Chairman, Kenes Rakishev told the Jerusalem Post back in December that the consumers need a product that will give them confidence about the safety of their data. The company has now told Globes that the consumers must have found such a product elsewhere, which is why their sales have not been as expected.
Sirin Labs blames the bear market
The company also said that the global cryptocurrency market is not in the best state which according to them can be one of the possible reasons for the failure of Finney.
Moreover, they were quick to reveal that they have already completed the development of the Finney blockchain smartphone, which is equipped with apps designed to be used with cryptocurrencies and with a digital wallet. The company launched Finney in November 2019 with a price tag of 999 US Dollars. The company also went on to get football superstar Lionel Messi as their brand ambassador.
Also, last month Sirin Labs was in the news for integrating their smartphone with the MyEtherWallet that was aimed at the furthering of both companies involved.
Sirin Labs’ Growing Infamy
Sirin Labs tokens have lost ninety-nine percent of their value in recent months. There have been numerous questions that were raised against the source of Sirin Labs’ funding. Sirin Labs CEO, Moshe Hogeh has been to the court more than once amid claims of misallocation of funds from unrelated ICOs.
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