Bancor to power token conversion on Sirin’s blockchain smartphone


Sirin Labs’ is making progress on Finney, a “blockchain smartphone” with a cold storage crypto wallet the company claims will be the only one secure and safe enough to hold cryptographic coins.

Today, Bancor — the decentralized liquidity network that allows you to hold any Ethereum token and convert it to any other token in its network —  announced that it will partner with Sirin Labs, allowing Finney owners to switch between relevant tokens directly on their smartphone.

This news marks an interesting milestone for the company, following its raise of over $ 150 million through its initial coin offering (ICO) and an earlier announcement that the device will come preloaded with the Status mobile Ethereum chat and browsing client.

Both Bancor and Sirin Labs have enjoyed sizeable interest from their respective communities. Bancor also raised over $ 150 million in June 2017 and recently detailed its progress exclusively to VentureBeat, explaining its evolution in the six months following its ICO.

Over 50 token projects have now joined the Bancor Network, including Power LedgerWAX Token, and SENSE. Of course, the cryptocurrency on most people’s lips is Bitcoin. Does Bancor have any plans to incorporate BTC in the future?

“Bitcoin? Yes,” Bancor cofounder Guy Benartzi, told me, “as part of inter-blockchain interoperability, which is a major part of our 2018 roadmap.”

Today’s announcement means Sirin’s token — SRN — will join the fray as a Bancor-compliant Smart Token equipped with $ 1 million in liquidity.

Finney’s integration with Bancor serves two functions.

“This token relay launch provides Sirin holders with risk-free conversion of their tokens from ETH to SRN, SRN to ETH, or any other token in the Bancor liquidity network with the simplest conversion experience,” Benartzi said. “No complex registration with exchanges, no counter-party risk, and accessible to anyone anywhere in the world.”

The Finney smartphone will come preloaded with the Bancor Network conversion widget, and that will allow for seamless conversion between Ethereum (ETH), Bancor Network Token (BNT), SRN, WAX, STORM, and more.

The integration also offers a simpler way to interact with distributed apps (dApps).

“Sirin and Bancor are working on integrating Bancor token relays into Finney itself,” Sirin Labs CMO Nimrod May told me. “This is a key collaboration, as it will allow Finney users to seamlessly use any dApps on the phone — such as Status, BAT, and more — without needing those tokens, all by simply using SRN. Bancor will seamlessly handle conversions between tokens in the background.”

“Our goal is to standardize blockchain technology while maintaining a simple and friendly user experience,” Moshe Hogeg, founder and co-CEO of Sirin Labs, explained. “Blockchain trade and cross-platform experience is anything but seamless these days. Together with Bancor and our strategic partners, we are developing a secure open source OS — Sirin OS — to … allow token transitions to be completely seamless and feeless to the user, which will speed the mass adoption of the technology.”

The Finney smartphone, with Bancor’s conversion widget preloaded, will be available later this year.

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