- The stock price of Cuentas Inc (NASDAQ: CUEN) increased by over 25% pre-market. This is why it happened.
The stock price of Cuentas Inc (NASDAQ: CUEN) – a leading FinTech provider (Top 4 Fintech) of mobile banking, digital wallet and payment solutions focused on Hispanic and Latino communities – increased by over 25% pre-market. Investors are responding positively to Cuentas signing an exclusive, Definitive JV Agreement to rollout WaveMax’s SharedWiFI6 patented technology (Wavemax Patent) in 1,000 locations.
This rollout is going to begin in the greater New York City Metropolitan Area with 500 Locations in NYC, 330 locations in New Jersey, and 170 locations in Connecticut. And the agreement also includes plans to roll out the service in other areas throughout the US. The parties are going to install advanced WiFi6 Access Points and Small Cells in these 1,000 “Bodega Stores” in a 50/50 joint venture.
These will become Cuentas premium locations that will be near public train stations and mass transit hubs. And it will offer all Cuentas products and services on secure networks.
The WiFi6 service will enhance the customer experience while in the Bodega store by automatically connecting them to SharedWiFi high speed internet and receive special in-store offers. And users at Cuentas Points of Sale (POS) locations will also receive promotions for the Cuentas GPR card and discounted products sold through the Cuentas Mobile App.
And this unique agreement will allow Cuentas to enter the advertising ecosystem using major brands to advertise through mobile handsets and additionally Cuentas products and services will benefit from 50% discounts.
WaveMax’s SharedFi patented technology enables a shared network of WiFi access points and small cells. And users will have access to this shared network and if opted in, be impacted with location-based advertising. The ads are configured by advertisers using WaveMAX’s dashboards targeting, manually or programmatically.
“I am proud that we were able to sign a definitive agreement with WaveMax for their state of the art technology. This is the first time that Cuentas is announcing to its public shareholders that it was able to complete this unique agreement and I am looking forward to expand this network for the rest of Cuentas’ Bodega network nationwide.”
— Arik Maimon, Cuentas Founder and Interim CEO
“We are very pleased to enhance our original commitment to the first 1,000 bodegas in Cuentas’ network. We are happy to add value to Cuentas’ unique proposition in the US market and its Mobile Banking App.”
— Eduardo Velasco, WaveMAX CEO
“Cuentas was recently classified and deemed as a technology sector vertical (Technology Sector), we are very excited for the upcoming events of our company and we are very confident that Cuentas has a bright future.”
— Michael De Prado, Founder and Executive Vice Chairman of Cuentas
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