Phunware (NASDAQ:PHUN) stock got a boost on Tuesday after the company announced progress toward the launch of its blockchain-enabled MaaS Customer Data Platform and MaaS Mobile Loyalty Ecosystem.
According to a press release, Phunware’s Board of Directors agreed to allow the company to purchase Bitcoin (CCC:BTC-USD) in preparation for the two above-mentioned platforms’ launch. These platforms will make use of the company’s PhunWallet, PhunCoin and PhunToken.
The way the system works is that users can choose which companies get access to their data. That can assist companies that are looking for consumer information for targeted advertising. In return, the users are rewarded with PhunCoin or PhunToken.
Alan S. Knitowski, co-founder, president, and CEO of Phunware, had this to say about the news sending PHUN stock higher today.
“We recently completed an initial purchase of 25.8 bitcoin at an average price of $58,133 per bitcoin and are thrilled to actively participate in such a vibrant global market and community alongside Tesla, MicroStrategy, Square and many other corporations and funds worldwide. We expect to leverage more than a decade of our mobile experience to drive the mainstream adoption of cryptocurrencies, while simultaneously offering enterprises and governments the opportunity to leverage the benefits of blockchain to drive profitable behavior without the complexity of designing and maintaining their own infrastructure or ecosystem.”
News that Phunware is buying up bitcoin resulted in heavy trading for PHUN stock today. As of this writing, more than 127 million shares of the stock have changed hands. That’s quite the jump from the company’s daily average trading volume of roughly 15 million shares.
PHUN stock was up 12.2% as of Tuesday afternoon and is up 63.3% since the start of the year.
Phunware isn’t the only company with cryptocurrency plans worth keeping up with today.
Several other companies have also been making progress with crypto efforts, including NFTs. Some examples of this include Scienjoy (NASDAQ:SJ), Mudrick (NASDAQ:MUDS), and Coinbase (NASDAQ:COIN). Investors can learn more about this latest crypto news below.
More Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.