Helium (HT) jumps 21% following new deal with Telefónica in Mexico

Telefónica and Nova Labs team up for Helium Mobile Hotspots in Mexico to extend coverage of mobile services in select locations.

Nova Labs, the creator of Helium Network, has announced a partnership agreement with Telefónica, a multinational telecommunications company, to launch Helium Mobile Hotspots in Mexico. As per a blog post, the new product will improve mobile coverage for select customers in Mexico City and Oaxaca.

The joint solution, which is said to be based on the OpenWifi standard developed by the Telecom Infra Project, enables select Movistar customers in Mexico to access the Helium Mobile Network using their Movistar SIM cards for authentication. Telefónica, in its turn, monitors hotspot status before allowing access and data downloads over the Helium Mobile Network.

José Juan Haro, chief wholesale officer at Telefónica, says the company’s expectation, if successful, is to incorporate the product “into our portfolio of mobile networks in the different countries of the region.” Helium’s native token HNT positively reacted to the latest partnership.

HNT price in USD | Source: CoinGeckoAfter the news broke, HNT price jumped by over 21%, surging to $7, according to CoinGecko data.

Launched in 2019, Helium Network is a decentralized wireless network that utilizes a blockchain-based infrastructure to provide connectivity for Internet of Things (IoT) devices. The Helium Network allows individuals to deploy and operate wireless hotspots, earning cryptocurrency rewards in the form of HNT for providing network coverage.