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Phunware to hold Initial Exchange Offering for its cryptocurrency Phun tokens

Companies that use Phunware will be able to rebrand Phun for their users, who can spend it on goods, services and offers

'Initial,' 'Exchange' and 'Offering' written on three slim adhesive notes next to hand holding a marker
The coin will Launch on the cryptocurrency trading platform Liquid Global

Phunware Inc (NASDAQ:PHUN) is launching an Initial Exchange Offering (IEO) for its own new currency called Phun tokens.

The coin is designed to power the company’s Blockchain-Enabled Data Exchange and Mobile Loyalty Ecosystem which launched in June, allowing customers to unlock improved functionality and be rewarded for their engagement.

Companies that use Phunware’s Multiscreen-as-a-Service offerings will be able to rebrand Phun within their own mobile apps for their users. In turn, users will be able to earn Phun tokens for completing surveys, watching videos, or sharing content.

Once they’ve received Phun tokens, people will be able to spend it on goods, services and offers in a branded marketplace.

READ: Phunware lets customers build their own location services with new 24-hour setup kit

“Blockchain enables us to extend our MaaS platform by deploying an ecosystem to reward consumers for meaningful engagement that fiat currency just can’t replicate due to its inherently high transaction costs,” CEO Matt Aune said in a statement.

The coin will Launch on the cryptocurrency trading platform Liquid Global, and only members of the exchange are able to participate.

Kai Kono, Head of Asia Pacific, business development and sales at Liquid, is excited about what Phun brings to the table.

“Phun represents one of the more professional and promising cryptocurrencies we’ve encountered since launching in 2014,” Kono said in a statement. “We’re excited to offer our members a chance to buy into a cryptocurrency that can help drive mainstream adoption because it is backed by a publicly-traded US company with a proven track record that has raised more than $100 million from well known investors including Samsung, Cisco Systems and World Wrestling Entertainment (WWE).”

The company's stock increased 4.6% Thursday to $1.84.

—Updated to include closing price—

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Phunware Inc

Price: 1.4 USD

NASDAQ:PHUN
Market: NASDAQ
Market Cap: $54.75 m
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