Shares of the official music credit platform, Jaxsta (ASX:JXT), ascended by as much as 20% to A$0.064, marking their strongest day since July 25, contingent on the continuation of trends.

The pronounced leap has come on the heels of Jaxsta (ASX:JXT) securing a contract agreement with the Mechanical Licensing Collective for streaming services.

The agreement is designed to distribute comprehensive mechanical licenses for qualified streaming services in the United States.

As a result of the news, there was an uptick in shares exchanged, with 875,104 changing hands—an amount double that of the average volume over the past 30 days.

The stock reached its highest since July 27 and is up by 48.6% for this year, as recorded at last close.

Jaxsta (ASX:JXT) is an official music credit platform.