After well known financial technology company Cuentas Inc (NASDAQ:CUEN) made a major announcement yesterday, the company’s stock rallied strongly and ended up with gains of 11%. The company, which is best known for providing payment services, digital wallets and mobile banking services to Latino as well as Hispanic communities, announced that it signed a key joint venture agreement.
By way of this joint venture agreement, the Cuentas is going to help with the commercial launch of SharedWiFi6 technology from WaveMax at as many as 1000 locations. The plan is to roll out the product in the greater New York City Metropolitan area initially.
Cuentas has planned to roll out the technology in as many as 500 locations in New York City, 170 in Connecticut and in 300 in New Jersey. That being said, it is also important to note that the joint venture agreement also stipulates that the SharedWiFi6 technology can be rolled out in other areas of the United States as well.
It has been decided that SharedWiFi6 access points as well as small cells in ‘Bodega Stores’ locations as part of the equally owned joint venture. Investors could consider keeping the stock in their watch lists at this point.
Market Reaction:
On Thursday, CUEN stock jumped 10.96% to $3.95 with more than 13.11 million shares, compared to its average volume of 4.74 million shares. The stock had moved within a range of $3.7700 – 4.9500 after opening the trade at $4.17. Over the past 52-week, the stock has been trading within a range of $2.0350 – 10.4400.
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