Sirin Labs, a Swiss-Israeli firm, has reported that it has raised $115 million in its Initial Coin Offering in its first 24 hours. The ICO still has 10 days to run, but has already attracted interest from 5600 investors around the world. This represents an enormous success, when considering that the initial target was $75 million.
Moshe Hogeg, the CEO of Sirin, had stated the company’s intention to develop the phone with the funds, but will now pour the extra funds into a beefed up sales and marketing campaign.
The concept of a blockchain smartphone seems like a perfect marriage. With the smartphone being the central point of usage and storage for the average person, security is at a premium. Obvious advantages would be enhanced security, the single quality that has made blockchain so universally famous of late, and feeless transactions.
Part of the reason for the massive interest was the massive investment that Sirin poured into celebrity endorsement. They signed up Lionel Messi, the world’s most marketable soccer player, who boasts millions of social media followers around the world. His promotional Facebook post, which reached an audience of millions, said “I am usually busy trying to decentralize defenses and after digging deeper into Blockchain and decentralized systems, I’m excited to join SIRIN LABS as an ambassador to make Blockchain more friendly with their upcoming operating system for smartphones!”
While Sirin’s ICO performance is notable against the backdrop of a decline for ICOs in the final quarter of 2017, it is not the most explosive ICO of 2017. Back in June, Bancor raised $153 million in under 4 hours, while Gnosis raised $12 million in under 10 minutes.