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Why Phunware Shares Are Trading Higher Today

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Phunware ($PHUN@US), trading as PHUN, was higher Friday after the company announced initial issuances of PhunCoin. Following initial distributions, Phunware will reserve approximately 72% of the maximum available supply, which is 100 billion PhunCoin. Phunware is an American mobile software and blockchain company that produces mobile applications such as personalized ad targeting, location tracking, and cryptocurrency brand loyalty programs. It uses proximity marketing and location-based services to target consumers. Proximity marketing is growing at a 29.8% CAGR and is projected to reach $52.5 billion by 2022. Alan Knitowski, co-founder and CEO of Phunware said, “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. 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," 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.

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