Taiwanese electronics giant Foxconn, best known as the Apple’s iPhone manufacturer, just made its first-ever bitcoin startup investment leading a $16 million Series B into Abra wallet.
Will they charge Apple in bitcoins now?
Haha, wrong guess. Foxconn is actually trying new waters to reduce its business dependency from Apple. Foxconn’s official Jack Lee says that the electronics manifacturers can potentially make more money on financial services than on hardware.
How can Abra help with that?
Now, Abra users can buy, sell and store bitcoins. But its founders envision a new type of consumer credit product with underlying Abra technology. They expect the makers of refrigerators, televisions and more to lease appliances to people – with blockchain providing an incentive to make installment payments.
What can we learn from it
- Foxconn have just committed to test an idea in smart contract-connected IoT appliances – something the market talks, but doesn’t do much about
- The new capital brings Abra’s total funding to over $30M – there’s definitely life beyond ICO for the blockchain startups!
- Although China banned cryptocurrencies, Taiwanese business embraces and supports it