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ICOs allow startups founded on cryptocurrency technologies such
as blockchain to quickly raise capital by issuing virtual tokens
to investors.
Such offerings have become more common in the past year, but
Europe's top markets regulator warned last month they were
"extremely risky and highly speculative investments."
Sirin, which has recruited soccer superstar Lionel Messi to be
its brand ambassador, said it had raised the money from 5,600
people globally within the first 24 hours and would continue the
offering for another 12 days.
"These are our potential clients. We think they will be the
first to buy the phones," Moshe Hogeg, CEO and founder of Sirin,
told reporters.
The ICO will help fund its secure blockchain phone, as well as a
blockchain personal computer. The company said the phone, which
should be on the market near the end of next year, benefits from
enhanced security and the ability to carry out fee-less
transactions.
Hogeg said his target had been to raise $75 million - the amount
needed to develop the phone. The additional funds will enable
the company to increase its production and invest more in sales
and marketing.
(Reporting by Ari Rabinovitch and Tova Cohen; Editing by Mark
Potter)
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