Sirin Labs Leaves IOTA for Ethereum, IOTA Drops to Lowest Level in 9 Months

The IOTA price is the worst performer today after earlier reports hinted that Sirin Labs had redirected from IOTA to Ethereum.

Sirin Labs, the creator of the upcoming blockchain-based smartphone Finney, revealed that it had chosen Ethereum blockchain over IOTA, according media reports. IOTA was previously announced as the blockchain solution of choice for Finney, but it seems that Sirin Labs has changed its mind and now plans to adopt a private version of Ethereum. The news put pressure on IOTA’s price, as it has dropped over 18.1% in the last 24 hours to $0.75, according to Coinmarketcap data.

On Thursday, the IOTA price jumped from $0.78 to $0.96 in several hours, being driven by the news about the IOTA Hub. The latter is a new gRPC API-based solution that helps third parties better integrate IOTA with their systems. IOTA Foundation said that crypto exchanges could now prepare the IOTA listing within weeks rather than months.

However, over the next couple of days, investors’ attention turned to the more pessimistic news about Sirin Labs going with Ethereum, and IOTA has lost all its gains since last week and even touched the lowest level in nine months. The last time when IOTA traded that low was on November 24, 2017.

Last week, Sirin Labs CEO Moshe Hogeg told media that his company was not with IOTA anymore, as it had decided to “go a different route” with Ethereum.

“The Finney will process transactions through a series of complete nodes hosted at Sirin Labs,” Hogeg revealed.

However, Ethereum is only a temporary solution as Sirin Labs hopes to rely on a third generation blockchain for its Finney, which will probably be released in November this year.

As we reported last month, the Finney smartphone will come with a dual screen. The phone can be currently pre-ordered on Sirin Labs site for $999.

Yesterday, Sirin Labs showed a commercial teaser that gives some insight into the filming process in Barcelona. The commercial will feature football star Lionel Messi.