This week we announced an exciting development for the future of SIRIN LABS and FINNEY™: the ability to accept credit card, BTC, and ETH payments through our online store and at our brick and mortar locations. This is an important step that was necessary to take in order to realize our vision of bridging the gap between the blockchain economy and the mass market.

While this news is incredibly thrilling, it also sparked some concern among members of our community regarding the impact that this development would have on our token economy. We recognize that this is an incredibly important topic to the entire community, and therefore, we felt the need to address it in order to provide peace-of-mind on the subject.

One quick note, before we dive into the process, while there are many details we can provide, there are also some that we will need to keep confidential. We do this not to be secretive, but rather in order to maintain the integrity of the ecosystem and prevent 3rd parties from using the information maliciously.

First, it’s important to mention that as a company focused on creating mass adoption for crypto, we want to point out what we’re doing to encourage payments through cryptocurrencies themselves. Through both our website as well as within our physical stores we will be accepting SRN, Bitcoin, and Ether as valid forms of payment. Additionally, our London location will come equipped with a crypto ATM which will be able to convert Fiat into Bitcoin or Ether in order to make the purchase of their FINNEY™ using cryptocurrency a much simpler experience.

To that extent, FINNEY™ will be available for purchase through Amazon’s United Kingdom, France, Italy, Spain, and Germany online marketplaces, and these markets will also serve as distribution hubs for the entire European Union. As such, it wouldn’t make sense from a business perspective to allow Fiat payments through one avenue for purchase but not another.

SIRIN LABS certainly has a strong and vested interest in the SRN ecosystem, and as such, will be encouraging customers to pay using SRN tokens by helping them in the stores to navigate exchanges in order to purchase the tokens needed to complete their transaction. We will also be offering a 5% discount for any customers who choose to pay in SRN.

While enabling purchases in Fiat unquestionably expands our customer-base, it also creates an additional problem, which is the reduction of market demand for the SRN token. We therefore decided that a portion of our non-SRN revenue (Fiat, BTC, ETH) will be used to purchase SRN tokens on the open market to offset for the reduction in market demand for SRN which results from our accepting Fiat and outside crypto payments. These purchases will be made strategically, as has been communicated previously, in order to best support the SRN token economy.

This wasn’t a decision made rashly, the research done by our financial professionals indicates that through this method, we will increase the number of FINNEY™ users, particularly those on the fringe of crypto, or those completely unaffiliated with crypto. This increase in customers will not only match the projected market demand for SRN tokens that FINNEY™ was expected to bring but will overtake it by a significant margin. This creates a win-win benefit for not only the entire crypto community by bringing more people into crypto but will benefit every single SRN token holder as well.

Since it’s inception, the vision and goal for SIRIN LABS in entering the crypto space was to completely disrupt the mobile status quo by bringing an ultra-secure blockchain smartphone with an incredibly simple and intuitive user experience. We set out to create a phone that would be appealing, not just to the crypto community, but to anyone and everyone. With each of these developments we take one more step to realizing our vision and making it a reality.

There are more exciting things to come!

Go Crypto!