IonQ Inc. (NYSE:IONQ) shares were on the rise Wednesday following news of a strategic collaboration to revolutionize satellite communications through quantum technology. The stock has given up gains since.

The company announced a memorandum of understanding with South Korea-based Intellian Technologies Inc., a satellite connectivity solutions firm.

The two firms will jointly explore how secure quantum networking can transform “satellite communications.”

As part of the agreement, the two companies plan to assess how quantum networking innovations can strengthen communication security across satellite networks.

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We look forward to working with Intellian to innovate and discover how quantum networking technologies can secure free communications,” said Niccolo de Masi, President and CEO of IonQ.

“We also ultimately envisage quantum time synchronization as a GPS alternative,” de Masi added. The CEO also reaffirmed the strategic importance of South Korea to IonQ’s growth.

According to Benzinga Pro, IONQ stock has gained over 237% in the past year. Investors can gain exposure to the stock via Defiance Daily Target 2X Long IONQ ETF (NASDAQ:IONX).

Earlier this week, IonQ confirmed a partnership with Japan’s Global Research and Development Center for Business by Quantum-AI Technology (G-QuAT).

G-QuAT is a key division of the National Institute of Advanced Industrial Science and Technology (AIST). IonQ expects the partnership to boost the development of quantum computing in the Asia-Pacific region.

Price Action: IONQ shares are trading lower by 1.70% to $24.97 at the last check on Wednesday.

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This article What's Going On With IonQ Stock On Wednesday? originally appeared on Benzinga.com

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