Phunware Board Authorizes Bitcoin Purchases for Blockchain Ecosystem Launch

Rhea-AI Summary

Phunware, Inc. (NASDAQ: PHUN) has authorized bitcoin purchases to prepare for the launch of its blockchain-enabled MaaS Customer Data Platform and MaaS Mobile Loyalty Ecosystem. The company has purchased 25.8 bitcoin at an average price of $58,133 each. Additionally, Phunware plans to release PhunWallet on iOS and Android to manage PhunCoin and PhunToken for rewarding users. The company also partnered with BitPay to offer cryptocurrency payroll options for employees. CEO Alan S. Knitowski aims to boost cryptocurrency adoption by leveraging over a decade of mobile expertise.

Positive

• Authorized bitcoin purchases to support blockchain initiatives.
• Purchased 25.8 bitcoin at an average price of $58,133.
• Plans to release PhunWallet for managing PhunCoin and PhunToken.
• Partnership with BitPay for cryptocurrency payroll options.

Negative

• None.

AUSTIN, Texas, April 06, 2021 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) (“the Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced that the Company’s board of directors authorized bitcoin purchases in preparation for the commercial launch of its blockchain-enabled MaaS Customer Data Platform and MaaS Mobile Loyalty Ecosystem.

Phunware plans to release PhunWallet on iOS and Android later this month, subject to application approvals by Apple App Store and Google Play, respectively. PhunWallet will manage the issuance of not only PhunCoin to reward consumers for the value of their data, but also PhunToken to reward consumers for the value of their engagement.

“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,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “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.”

Phunware also recently partnered with BitPay to expand its corporate benefits package to provide cryptocurrency payroll options for employees, including bitcoin.

Click here to learn more about how PhunCoin will support Phunware’s MaaS Customer Data Platform and click here to learn more how PhunToken will support Phunware’s MaaS Mobile Loyalty Ecosystem.

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By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

About Phunware, Inc.

Everything You Need to Succeed on Mobile — Transforming Digital Human Experience

Phunware, Inc. (NASDAQ: PHUN), is the pioneer of Multiscreen-as-a-Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & Phun) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://www.phunware.com, https://www.phuncoin.com, https://www.phuntoken.com, and follow @phunware, @phuncoin and @phuntoken on all social media platforms.                 

Phunware PR & Media Inquiries:
press@phunware.com
T: (512) 693-4199

Phunware Investor Relations:
Matt Glover and John Yi
Gateway Investor Relations
Email: PHUN@gatewayir.com
Phone: (949) 574-3860

 

FAQ

What is Phunware's recent bitcoin purchase?

Phunware has authorized bitcoin purchases, acquiring 25.8 bitcoin at an average price of $58,133 each, aimed at supporting its blockchain initiatives.

When will Phunware launch PhunWallet?

Phunware plans to launch PhunWallet later this month, pending approval from the Apple App Store and Google Play.

What is the purpose of PhunWallet?

PhunWallet will manage PhunCoin and PhunToken, rewarding users for their data and engagement.

How does Phunware plan to enhance cryptocurrency adoption?

Phunware aims to enhance cryptocurrency adoption through its blockchain-enabled platforms and by leveraging over a decade of mobile experience.

What partnership did Phunware form regarding cryptocurrency?

Phunware partnered with BitPay to expand cryptocurrency payroll options for its employees, including bitcoin.