Bitget and Jambo Aim for the Stars

Crypto exchange Bitget is joining 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 and use the funds to launch its satellite, expanding access to decentralized services.

According to an exclusive press release shared with BeInCrypto, Bitget and Jambo are setting their sights on an ambitious goal. Jambo, founded in 2022 with the aim of becoming “the WeChat of Africa,” launched a blockchain-based phone last year through a partnership with Aptos.

Bitget CEO Gracy Chen explained how her company will support Jambo in building satellite infrastructure.

“Jambo's vision of connecting the world through blockchain and mobile innovation aligns perfectly with our plan to support transformative projects. By facilitating Jambo's satellite program through LaunchX, we aim to empower their efforts in bridging the digital divide and unlocking the potential of Web3 for emerging markets,” said Chen.

This partnership enables Jambo to achieve several core goals simultaneously. Its native token, ‘J,’ lies at the heart of Jambo's DeFi ecosystem, and the company will launch the token through Bitget's LaunchX platform.

Moreover, CEO James Zhang highlighted that the satellite launch will vertically integrate Jambo's communication hardware, opening up new possibilities within the underlying ecosystem.

Bitget also stands to gain substantial recognition from the Jambo satellite launch. While its BGB token reached an all-time high in late December, it faced significant corrections afterward.

In response, Bitget burned 800 million tokens to stabilize and boost BGB's value, but it has since remained stagnant. A high-profile launch like this could generate a lot of goodwill.

Additionally, the exchange reportedly aims to expand across several global markets and is considering Lithuania as a regional hub for MiCA compliance in the EU. These efforts could continue to drive BGB's demand in the long term.

However, the goal of launching a satellite may present challenges. Jambo plans to raise $5 million through Bitget LaunchX, but this is likely insufficient to launch a satellite on its own.

Prices vary greatly, but even the cheapest options usually cost over $10 million. While details on these challenges have not yet been addressed by Jambo, the company may be exploring additional funding avenues to achieve the desired project outcome.