SIRIN Labs, a producer of privacy-focused smartphones, has managed to raise $110 mln in the first 24 hours of its recent token sale, according to a press release published by the team. The substantial response to their campaign is notable against a backdrop of the overall market of the Initial Coin Offerings (ICOs) facing a period of decline.
A likely reason for the strong response on the ICO’s first day is the fact that the team already had an established market presence. Back in 2016, SIRIN released the privacy-focused Android smartphone, Solarin. However, priced at over $16,000 a piece, it was not the most affordable option for the average consumer.
The company is now developing a new product called FINNEY, a Blockchain-powered smartphone and PC that promise to be as secure and significantly more affordable than Solarin.
Though SIRIN’s ICO numbers are impressive, their campaign is far from being the only one of note in the past six months. One of the other campaigns that do stand out is Bancor, who raised a staggering $153 mln in just over three hours back in June of this year. Gnosis held another prominent fundraiser, which managed to secure $12 mln in just 10 minutes - a higher per-hour value than both Bancor and SIRIN.
Nevertheless, SIRIN’s ICO performance is especially notable now, as the ICO market seems to be cooling since the summer. With potentially permanent ICO bans from Chinese and Korean governments, as well as increasing scrutiny from the Securities and Exchange Commission in the US, SIRIN’s experience is a marked exception.