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Tech firm raises $118 million in virtual coin offer to fund blockchain phone

Technology firm Sirin Labs said on Thursday it had raised $118 million in an initial coin offering (ICO) to support the development of an open source blockchain smartphone. 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.” Read More: The SEC just issued a…