Why did Cuentas (CUEN) skyrocket today?

Cuentas (CUEN) is a financial technologies firm specializing in provide e-banking and e-commerce services, mobile banking, online banking, prepaid debit, and digital content services. Its recent WIFI6 announcement sent CUEN shares surging over 100%.

The shares skyrocketed after the fintech company signed a deal to rollout WiFi-5G sharing company WaveMax’s SharedFi technology in 170 test locations in the New York City-Tristate area.

WaveMax said that if the six-month test is successful, the two companies parties will plan to install 1,000 additional “Bodega Stores” in a 50/50 joint venture. 

SharedFi patented technology allows for a shared network of Wi-Fi access points and small cells, WaveMax.

The service will enhance the customers’ experience while they are 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.