Benzinga | Apr 6, 2021 08:00AM EDT

Phunware Board Authorizes Bitcoin Purchases For Blockchain Ecosystem Launch

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.