Phunware (NASDAQ:SPRAY) The stock got a boost on Tuesday after the company announced progress in rolling out its blockchain-enabled MaaS customer data platform and MaaS Mobile Loyalty Ecosystem.
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Phunware’s board of directors agreed to allow the company to acquire, according to a press release Bitcoin (CCC:BTC-USD) in preparation for the launch of the two platforms mentioned above. These platforms will leverage the company’s PhunWallet, PhunCoin and PhunToken.
The system works in such a way that users can choose which companies have access to their data. This can help businesses looking for consumer information for targeted advertising. In return, users are rewarded with PhunCoin or PhunToken.
Alan S. Knitowski, Co-Founder, President and CEO of Phunware, had this to say about the news that made PHUN stock beat faster today.
“We recently completed an initial purchase of 25.8 Bitcoin at an average price of USD 58,133 per Bitcoin and are excited to be active in such a dynamic and vibrant global market with Tesla, MicroStrategy, Square and many other companies and funds around the world Community to participate. We anticipate that we can leverage more than a decade of our mobile experience to drive the widespread adoption of cryptocurrencies while allowing businesses and governments to take advantage of blockchain to drive profitable behavior without the complexity the design and maintenance of their own infrastructure or their own ecosystem. ”
News that Phunware is buying up Bitcoin sparked heavy trading in PHUN stocks today. To date, more than 127 million shares have changed hands. That’s quite a jump from the company’s average daily trading volume of around 15 million shares.
The PHUN share rose by 12.2% on Tuesday afternoon and by 63.3% since the beginning of the year.
Phunware isn’t the only company with cryptocurrency plans worth sticking to today.
Several other companies have also made advances in the crypto endeavor, including NFTs. Some examples of this are Scienjoy (NASDAQ:SJ), Mudrick (NASDAQ:MUDS), and Coinbase (NASDAQ:COIN). Investors can learn more about this latest crypto news below.
More crypto news
At the time of publication, William White held positions (neither directly nor indirectly) in any of the securities referred to in this article.