Phunware Stock Gains on Initial Issue of PhunCoin
By Sam Boughedda
Investing — Mobile software company Phunware Inc (NASDAQ:) told investors Friday that it will begin processing initial issuances of its cryptocurrency, aptly named PhunCoin.
Phunware said the crypto, managed by PhunWallet, will be available exclusively on digital asset firm Securitize, a blockchain-enabled transfer agent registered with the SEC.
Phunware shares rose 8.78%, to $3.84. However, its shares are still some way off the highs of $24.04 seen in late October after being linked with former President Donald Trump’s planned social media platform.
Phunware will reserve around 72% of the maximum available supply of the coin, which is 100 billion PhunCoin. One PhunCoin is currently valued at $0.008.
“As we work to commercialize a truly decentralized data economy, we’re thrilled to begin building a market for one of the world’s first regulated cryptocurrencies designed for mainstream adoption,” said Alan Knitowski, CEO and co-founder of Phunware.