Sirin Labs, a tech startup working to build an open source blockchain smartphone, has announced that it has chosen FIH Mobile, a subsidiary of Foxconn, to manufacture the FINNEY smartphone.

The announcement follows Sirin Labs’ initial coin offering (ICO) drive in December 2017 in which it had raised $157 million. The company said at the time that the funds would be used for the development of the FINNEY family of consumer devices, which will include a smartphone and all-in-one PC.

Under the agreement, FIH Mobile will lead the original design and manufacturing of the phone with Sirin Labs leading the development of the cold storage wallet hardware, and the SIRIN OS. Following the co-development, FIH Mobile will manufacture the FINNEY devices in its facilities, the official release stated.

“Bringing the first blockchain-based smartphone to market obligates us to partner with the very best in the market. FIH Mobile – the gold-standard in smartphone manufacturing – was ultimately the clear and natural partner for us,” Moshe Hogeg, Co-CEO, Sirin Labs, said.

According to the official website, FINNEY devices are the first cyber-protected, blockchain-enabled mobile phone and PC. They are embedded with a state of the art, ultra-secure cold storage crypto wallet, which will enable seamless and automatic token conversions for the use of different decentralized applications, without the hassle of obtaining the different tokens through an exchange.