The telecommunications giant will enable the 5G wireless service in Chicago and Minneapolis. The service will be compatible with the next slate of up-to-date connected devices.
Verizon was edging up 0.44% to $58.78 in trading on Wednesday.
Verizon's "5G Ultra Wideband Network" will be the first commercial 5G network to ever work with a 5G smartphone, according to a press release from the company.
Customers in Chicago and Minneapolis also will be the first to have their 5G-enabled smartphones connected to a 5G network . These customers will enjoy a speed of 1 gigabit per second. The service is effective immediately though 5G-enabled phones have yet to hit the market.
"This is the latest in our string of 5G firsts," said Verizon Chairman and CEO Hans Vestberg. "Verizon launched the first commercial broadband 5G service last October, Verizon 5G Home, and now we're lighting up our 5G Ultra Wideband network in Chicago and Minneapolis, providing the world's first commercial 5G mobile service with a 5G-enabled smartphone."
Apple (AAPL) - Get Report , which is producing a 5G connected iPhone, may not be able to make a 5G phone until 2021 because it may not be able to access the necessary chipsets in the very near future, according to a UBS analyst. Meanwhile, rivals Huawei (SHE) - Get Report and Samsung (SSNLF) could ship 5G-connected iPhones this summer.
Will I Have Enough Money to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.