Bitget has joined forces with Jambo, a blockchain-native mobile network, to raise funds for a satellite launch. Jambo aims to raise $5 million through a token sale to support its satellite launch project and enhance access to decentralized services.
This exclusive news was revealed in a press release shared with BeInCrypto.
Bitget and Jambo’s Mission to Reach New Heights
Bitget, a prominent cryptocurrency exchange, has set a bold target through its collaboration with Jambo. Jambo, known for its ambition to become the “WeChat of Africa” since its launch in 2022, introduced a blockchain-based phone in partnership with Aptos last year.
Gracy Chen, the CEO of Bitget, outlined how her company could assist Jambo in constructing satellite infrastructure:
“Jambo’s vision of global connectivity through blockchain and mobile innovation perfectly aligns with our strategy to support groundbreaking projects. By facilitating Jambo’s satellite program via LaunchX, we aim to bolster their efforts in bridging the digital gap and unleashing the potential of Web3 in emerging markets,” stated Chen.
Through this partnership, Jambo can achieve multiple key objectives simultaneously. Its native token, ‘J,’ serves as the foundation of Jambo’s DeFi ecosystem, and the company will launch this token through Bitget’s LaunchX platform.
CEO James Zhang emphasized that the satellite launch will vertically integrate Jambo’s communication hardware, opening up new opportunities within the ecosystem.
The Jambo satellite launch can also bring significant attention to Bitget. Despite the BGB token reaching its peak in late December, it experienced notable corrections thereafter.
Bitget made the bold move of burning 800 million tokens to stabilize and enhance BGB’s value, but its growth has been stagnant since. A high-profile launch like this could generate a lot of positive attention.
Additionally, the exchange is reportedly eyeing expansion into various global markets and is contemplating Lithuania as a regional center for MiCA compliance within the EU. These initiatives could further drive demand for BGB over the long term.
Bitget Token (BGB) Monthly Price Performance. Source: BeInCrypto
Launching a satellite remains a formidable challenge. Jambo aims to secure $5 million in funding through Bitget LaunchX, but this may not be sufficient for a satellite launch on its own.
While costs vary significantly, even the most affordable options typically exceed $10 million. Although Jambo has not yet addressed the specifics of these challenges, the company may explore additional funding avenues to realize the project’s objectives.