Pareteum Wins $22 Million Contract with Digital Currency Wi-Fi Provider

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Pareteum Corporation (Nasdaq: TEUM), a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)™, today announced a new sales transaction worth in excess of $22 million over 36 months.

The new contract will see the Pareteum solution enabling rapid global expansion for an innovative digital currency-based connectivity solution for consumers.

Pareteum’s new customer is building a global blockchain-based Wi-Fi sharing community. Members can mine tokens by sharing their Wi-Fi, whether residential or within commercial locations, and use those tokens for Wi-Fi connectivity at other locations within the network.

Access to Pareteum’s global smart Wi-Fi network has been embedded in the mobile app provided by Pareteum’s new customer to its users, allowing them to redeem tokens for seamless connectivity at numerous high-demand public locations in the transport, leisure, hospitality, and retail sectors across the world.

End users will also be able to access Pareteum’s extensive global in-flight footprint.

Pareteum is unique in being able to offer a single, global Wi-Fi network, delivering immediate scale without the need for customers to negotiate and provision numerous individual network agreements, which can significantly delay time to market.

The customer launched Pareteum-enabled services on April 1st, 2019 as part of a 36-month contract.

Rob Mumby, Chief Revenue Officer for Pareteum, said, “The use of blockchain technology to transform Wi-Fi into a new currency for a global community is a perfect fit with our company vision of communications re-imagined, and we are ecstatic to power rapid global expansion to this new model. Our cloud solution delivers full spectrum communication services from a single source, and we look forward to being a great strategic partner to our new customer.”

Pareteum’s cloud platform delivers a complete, API-driven solution for Enterprises, Communications Services Providers, and the IoT market through developers and their applications. It combines connectivity, including mobile service management (prepaid and postpaid services) with smart-managed, global Wi-Fi and cellular access, including full operational support, as a service.

Christine Braelow, Pareteum’s Vice President, Global Sales, for Enterprise and Brand commented, “Pareteum’s global cloud solution offers tremendous flexibility and it is hugely exciting to see the many ways our customers use it to drive value and market disruption. We are delighted to be working with such a dynamic new customer.”

 

SOURCE Pareteum Corporation