Cuentas, Inc. (NASDAQ: CUEN) is a fintech company, which focuses on developing e-banking and e-commerce proprietary services to the “underbanked.” Shares of the fintech company shot up 124% during trading on Wednesday, June 30, 2021. Over the past three months, Cuentas has seen average daily volume of 167,960 shares. However, volume of 207.98 million shares or dollar volume of $1.29 billion, exchanged hands during trading on the last day of the second quarter 2021.
Shares of Cuentas surged after the company signed a contract with WaveMax Corporation to test WiFi6 high-speed internet access in New York City and the Tri-state area. WaveMax is the developer of the world’s first shared WiFi network. Through its SharedFi patented technology, a shared WiFi network can be accessed through specific points and small cells.
In the near future, WaveMax will be launching a preview of the world’s first WiFi6 shared network. Cuentas is tasked with assisting with the test by rolling out SharedFi across 170 test locations in the New York City region. The initial test is scheduled for six months. If the six-month test is deemed successful, Cuentas and WaveMax with form a 50/50 joint venture and install SharedFi in an additional 1,000 “Bodega Stores.”
The SharedFi devices will allow customers to immediately connect to the WiFi6 network once they enter the Bodega Store. This provides an opportunity for the store owner to offer browsing consumers in-store deals, coupons, and specials. During the testing period, users will receive promotions and discounted products through its Cuentas GPR card and its mobile app.
Cuentas & WaveMax Press Release:
AUSTIN, Texas, June 30, 2021 /PRNewswire/ — WaveMax Corporation®, the pioneer of the world’s first shared WiFi network, was selected by TelcoDR as part of their most innovative mobile technologies showcase during Mobile World Congress in Barcelona (Booth #1242 West). WaveMAX will offer a preview of the world’s first WiFi6-5G shared network launching soon in New York.
WaveMax’s SharedFi patented technology allows for a shared network of WiFi access points and small cells. The user has access to this shared network and, if he has opted in, be impacted with location-based advertising. These ads are configured by advertisers using WaveMAX’s dashboards targeting, manually or programmatically, the right audience, at the right time, and the right place. Advertisers may transparently optimize their advertising investment with zero fraud and no user privacy invasion, and analyze aggregated data and results. The user may also pay an ad-free subscription service, or have the service be included as part of their data plan with roaming agreements. Access points and small cell owners receive a share of the ad, subscription or roaming revenue.
Cuentas, a FinTech company targeting the underbanked, signed a contract to rollout SharedFi in 170 test locations in the New York City-Tristate area. If the 6 month test is successful, the parties will plan to install1,000 additional “Bodega Stores” in a 50/50 joint venture. The service will enhance the customer experience while in the Bodega store, by automatically connecting them to WiFi6 high speed internet and receive special in-store offers. Users will also receive promotions for the Cuentas GPR card and discounted products sold through the Cuentas Mobile App.
Execon, a WiFi managed services company will implement the WiFi6 infrastructure, manage and monitor the broadband internet at the selected Bodegas stores. “Execon will connect participating Bodegas in NY, and Cuentas will connect customers to savings and greater value using WaveMAX platform.” said Execon CEO, Pedro Noriega.
“The WaveMax mobile ecosystem will enable an enhanced user and shopping experience, with discounts for purchases and rewards to Cuentas customers which will contribute to greater net-new revenues.” said Arik Maimon, Cuentas CEO.
“Our WiFi6-5G sharing ecosystem certainly creates new revenue earning and saving opportunities for all participants.” confirmed Eduardo Velasco, WaveMAX CEO.
About WaveMax Corporation
WaveMax is a WiFi-5G sharing company leveraging US patented technology to create an ecosystem monetizing mobile interactions between Telcos, Retailers, Providers, Apps, and Users. WaveMax ecosystem in 2020 supported more than 50 Million Wi-Fi accesses and it is rapidly growing, creating new synergies and network effects.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a FinTech e-banking and e-commerce service provider with proprietary technology aimed at providing solutions for the underbanked and un-banked Hispanic and Latino population. Its services include, but are not limited to, mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and providing access to bank accounts for customers who previously could not obtain bank accounts.
