Bitcoin Global News (BGN)

March 21, 2019 -- ADVFN Crypto NewsWire -- Sirin Labs promised the crypto community the first blockchain phone and yet as of now, their efforts seem to have been greatly overshadowed by HTC and Samsung. Even so, with today’s news, it appears that the Sirin Labs development team has been far from quiet.

Reportedly, they have partnered with MyEtherWallet, which is perhaps the most well-known wallet provider for those who want to hold a variety of ERC-20 tokens at once. According to CoinDesk, the key aim of this partnership is to not only integrate the MEW wallet with Sirin’s Finney phone, but also to allow users to buy a Finney phone inside of their MEW wallets. Apparently, Sirin Labs staff believe that these connections will also make it easier for users to own the private keys to their crypto holdings.

What this likely means is that when the MEW wallet is fully integrated with the Finney phone, users will store their crypto inside of the phone while receiving the private keys to it as they create their first MEW wallet.

While at face value, this is not significantly different from using any crypto wallet on any phone, the uniqueness of this connection likely stems from how the Finney phone is different from one that is more traditional. On their site, Sirin Labs claims that their operating system includes more than one crypto wallet, multiple Dapps, and some sort of token exchange service.

If this were truly the case and they had the user numbers to back up the utility of such an ecosystem, then their partnership with MyEtherWallet would likely not be needed. CoinDesk’s article today states that the Finney phone’s real use case is in its’ security features like a cold storage wallet inside of the phone. Perhaps, with this in mind, both firms are looking to benefit since MEW has been hacked in the past and Sirin Labs has been failing to keep up with more powerful competitors.

In other words, what if MEW is looking to establish a reputation for trustable security while Sirin Labs is just looking to attract users? In the end, the reason for this partnership is likely this, in connection with the fact that both firms are looking to attract more of a variety of users to cryptocurrencies through products that are easy-to-use. Only time will tell if their efforts come to fruition as they hope they will.

By: BGN Editorial Staff