Bitget is partnering with Jambo, a blockchain-native mobile network, to raise funds for a satellite launch. Jambo hopes to raise $5 million through a token sale and fund its satellite launch to expand access to decentralized services.
This news comes from an exclusive press release shared with BeInCrypto.
Bitget and Jambo Aim for the Stars
Bitget, one of the world’s leading crypto exchanges, has set quite an ambitious goal with this Jambo collaboration. Jambo, which launched in 2022 to become “the WeChat of Africa,” released a blockchain-based phone last year through a partnership with Aptos.
Bitget CEO Gracy Chen described how her company could help the firm build 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,” Chen claimed.
Through this partnership, Jambo can fulfill several of its core goals at once. Its native token, ‘J,’ is at the heart of Jambo’s DeFi ecosystem, and the firm will launch this token through Bitget’s LaunchX platform.
CEO James Zhang stressed that the satellite launch will vertically integrate Jambo’s communication hardware, creating new possibilities in the underlying ecosystem.
Bitget can also gain a great deal of notoriety from the Jambo satellite launch. Although its BGB token reached an all-time high in late December, it saw significant corrections afterward.
Bitget took the drastic step of burning 800 million tokens to stabilize and boost BGB’s value, but it has stagnated since. A highly publicized launch like this could attract a lot of goodwill.
Furthermore, the exchange reportedly plans 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.
Ultimately, the goal of launching a satellite may still be challenging. Jambo plans to aim for $5 million in fundraising through Bitget LaunchX, but that is probably not enough to launch a satellite alone.
Prices vary greatly, but even the cheapest options typically cost above $10 million. Although details about these challenges are yet to be addressed by Jambo, the firm might be looking into additional funding opportunities to achieve the project outcome.
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