U.S. Markets closed
  • Crude Oil

    +0.69 (+0.98%)
  • Gold

    -0.50 (-0.03%)
  • Silver

    +0.05 (+0.23%)

    +0.0007 (+0.0587%)
  • 10-Yr Bond

    -0.0610 (-4.45%)
  • Vix

    +4.90 (+23.55%)

    +0.0006 (+0.0437%)

    +0.1580 (+0.1444%)

    -3,435.44 (-7.15%)
  • CMC Crypto 200

    -61.32 (-5.41%)
  • FTSE 100

    -59.73 (-0.86%)
  • Nikkei 225

    -601.48 (-1.97%)

From Mobile Cloud Tools to Blockchain: Phunware is Gaining Support Among Institutional Investors

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Since 2009, Phunware Inc (NASDAQ: PHUN) has been helping Fortune top brands engage, manage and monetize their mobile audiences. Accredited with pioneering Multiscreen-as-a-Service (MaaS), the Phunware system maintains a fully integrated enterprise cloud platform for mobile. 

Companies can use Phunware to access the software they need to engage, manage and monetize their mobile application portfolios and audiences at scale.

Phunware offers brands the ability to license industry solutions across retail, healthcare, hospitality, media and entertainment, aviation, campuses, real estate and more. For businesses with more complex needs, Phunware also offers custom development services. 

Now, Phunware is taking its innovative systems one step further. On June 4, 2021, the company announced its release of the new mobile application software, PhunWallet, on Google Play for Android and iOS on Apple App Store

Phunware’s New Cryptocurrency and Blockchain Initiative

PhunWallet is a cryptocurrency wallet that supports Phunware’s blockchain-enabled data exchange and mobile loyalty ecosystem. These systems are powered by PhunCoin (PHCN) and PhunToken (PHTK), respectively. 

PhunCoin is a regulated security token that compensates users in exchange for their data. On the other hand, PhunToken is a medium of exchange that encourages profitable behavior through using key features of Phunware’s platform to reward and measure engagement.

To coincide with the release of PhunWallet, the company also launched its Ten Million PhunToken Sweepstakes. It will run through the end of July and give participants the chance to earn daily entries to win by engaging with content inside of the PhunWallet app. Ten winners will be selected to receive 1 million PhunToken each. Learn more about the official rules here

Phunware’s Growing Traction Among Institutional Investors

Alongside blockchain and cryptocurrencies, Phunware is also solidifying its position in the mainstream investing world. The publicly traded company announced it would be included in the Russell Microcap Index alongside its annual rebalance of growth-orientated stocks. 

This move expands the range of institutional investors that will, either directly or indirectly, include Phunware into their investment portfolios.

Phunware also entered into a distribution agreement with Carrier Fire & Security Americas Corporation, a subsidiary of Carrier Global Corporation (NYSE: CARR), to provide a license of Phunware's Location Based Services (LBS) software. 

Carrier Global (NYSE: CARR) is a global leader in heating, air-conditioning and refrigeration solutions, with annual sales totaling almost $20 billion. 

This expansion has enormous implications for Phunware’s revenue potential. The company has already hit $10 million in net revenues for 2020 — $9.1 million of which were from platform subscriptions. With over 66.4% gross margin in 2020 and another $31.8 million in assets, it’s safe to say watching the next phase of Phunware’s growth will be exciting. 

Learn more about Phunware stock, charts and historical data here.  

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.