Benzinga | Nov 19, 2021 05:47PM EST

Why Phunware Shares Are Trading Higher Today

Phunware Inc (NASDAQ:PHUN) is trading higher Friday after the company announced it will begin processing initial issuances of PhunCoin.

Following the initial distributions, Phunware said it will reserve approximately 72% of the maximum available supply, which is 100 billion PhunCoin. One PhunCoin is currently valued at $0.008.

Related Link: Phunware Stock Gains As Its CryptoCurrency Aims To Begin Trading

"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, co-founder, president and CEO of Phunware.

"PhunCoin is an important first step towards ensuring consumers not only control their data, but also are compensated fairly when their data is purchased by brands," Knitowski added.

Phunware is a Multiscreen as a Service (MaaS) integrated enterprise software platform for mobile that provides companies with the products, solutions and data and services necessary to engage, manage and monetize its mobile application audiences.

PHUN Price Action: Phunware has traded as high as $24.04 and as low as 60 cents over a 52-week period.

The stock closed up 4.8% at $3.70.

Photo: courtesy of Phunware.