PhunCoin is a security token being issued by a subsidiary of Phunware (NASDAQ: PHUN).
Beyond being a publicly traded security (December 2018), Phunware is an interesting company. Phunware is described as a “fully integrated enterprise software platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application audiences globally at scale.” Phunware has raised about $100 million in VC capital and has already issued a security token last year in a Reg D offering (powered by Republic sister platform CoinList of course).
More recently, Phunware joined the IBM Blockchain accelerator gaining additional cred from a big tech firm that is sizing up the blockchain sector.
Last month, Phunware announced the creation of the “PhunCoin Launch Alliance,” a comprehensive data ecosystem for forward-thinking brands looking for innovation in mobile user engagement and rewards. Phunware called Phuncoin a first of its kind “blockchain-powered, mobile-first data ecosystem connecting brands and consumers without intermediaries.”
Now Phuncoin is raising capital on Republic Crypto seeking up to $1.07 million under Reg CF.
So what do you get when you invest in Phuncoin via Republic.
According to the campaign page, Republic investors receive the “same access as other investors into Phase 0, the most competitively discounted round.”
With a minimum investment of $50 you can purchase the security token at $0.002 each. Republic Crypto uses a “Token Purchase Agreement” which is somewhat similar to the well trodden SAFT. Republic describes the security as follows:
“The TPA (sometimes called Crowd Token Rights Agreement or CTRA) is not equity or a token itself, but a contract that entitles you to tokens in the future.”
Eventually, PhunCoin wants to power a “decentralized data exchange.”
The company wants to secure the necessary licenses, such as becoming a money transmitter, to accomplish its goal. Phunware is creating a “crypto-enabling” platform for mobile data. According to the company, the PhunCoin token represents the value of personal data.
At last glance, PhunCoin, which launched on Republic on January 19th, has raised $105,000 from 150 investors. If you are curious, you can check out the offering here.
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