As we reported a few days back, Pareteum Corp (NYSE:TEUM) has entered the world of the blockchain and is now offering the technology to its billing and settlement services. The company is also allowing its customers to accept and process digital currencies. Pareteum cloud members now have access to make payment settlements with their partners in any currency, including cryptocurrency. There have been $287 million cryptocurrency payments transactions in the year 2017, which makes this offering a huge step for the stock.
Since the announcement of the blockchain initiative within Pareteum Corp, its stock shares have risen a staggering 78% within the week, now selling at $2.27 a share.
This morning at 8:00 EST, the company announced that it has appointed Ali Davachi, an E-Commerce and Network Security executive, to become Pareteum’s Chief Operating Officer (COO) and Chief Technical Officer (CTO).
Davachi has nearly 20 years experience and took a very hands-on approach to all facets of complex technology architecture and delivery. The executive worked in many verticles such as finance, telecom, healthcare and consumer products and services. With Davachi’s extensive experience, he should bring great value to the growing corporation, as he has previous experience with blockchain technology.
Executive Chairman, Hal Turner, commented:
“We welcome Ali aboard and are excited to have a technology executive who has worked with the largest credit card company and the largest insurance company in the world join our team. His roll-your-sleeves-up, entrepreneurial approach to executive management exactly fits our culture at Pareteum.”
As the company continues its exploration into the digital currency and blockchain space, my assumption is that the stock will continue to rise. Parateum appointed the right man for the job, ideal for scaling the companies’ technological infrastructure as it continues to grow. It seems its shareholders remain confident in these decisions, as the company’s stock price continues its climb.
Featured Image: twitter
