Shares of Tingo Inc (OTCMKTS:IWBB) will be in focus on Wednesday after announcing a key update.
Market Reaction
On Tuesday, IWBB stock jumped 4.66% at $3.59 with more than 6k shares, compared to its average volume of 2.9k shares. The stock has moved within a range of $3.3500 – 3.6000 after opening trade at $3.35.
Cudos and Tingo Vow to End the Poverty Premium With a Huge Partnership
Tingo Inc (OTCMKTS:IWBB) on November 17, 2021 announced collaboration with decentralized cloud computing network Cudosfor tackling poverty premium through mobile monetization applications.
This will enable empowerment of over 9 million Nigerians helping them earn an income from the smartphones. Cudos has more than 500,000 business as well as individual accounts, contributing to underutilized resources besides earning simultaneously for the users.
It is akin to Airbnb’s online marketplace and reduces waste, distributing revenues fairly across network. Cudos will be listing on CoinField, a European exchange acquired by Tingo International Holdings, augmenting community reach for the CUDOS token.
Pete Hill, vice president of sales at Cudos said that the company’s vision of “decentralized, sustainable and connected world where no computing is wasted” is coming to reality with the new partnership.
Tingo is looking to list on New York Stock Exchange and is hopeful on sharing ethos of technology and business models for the betterment of communities.Hill further added that the positive social impact is the key behind the deal, ensuring financial security to millions of users.
Cudos is already 2 million times more energy efficient than Ethereum and 100% carbon neutral. The company has the chance to scale a highly distributed cloud computing network across the country. Tingo is also looking at other markets in Africa and then South America for furthering impact.
