Bitget is partnering with Jambo, a blockchain-native mobile network, to raise money for a satellite launch. Jambo hopes to raise $5 million through a token sale and fund the 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 a pretty ambitious goal with this Jambo collaboration. Jambo, which launched in 2022 and became ‘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 company build satellite infrastructure:
“Jambo’s vision to connect 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 strengthen their efforts to bridge the digital divide and unlock the potential of Web3 for emerging markets,” said Chen.
This partnership allows Jambo to achieve several of its core goals simultaneously. The native token, ‘J’, is at the core of Jambo’s DeFi ecosystem, and the company will launch this token via Bitget’s LaunchX platform.
CEO James Zhang emphasized that the satellite launch will vertically integrate Jambo’s communications hardware, creating new capabilities in the underlying ecosystem.
Bitget can also gain a lot of fame from the launch of the Jambo satellite. Although the BGB token reached an all-time high in late December, significant corrections were made afterwards.
Bitget took the drastic step of burning 800 million tokens to stabilize and increase BGB’s value, but its value has since stagnated. A highly publicized launch like this could attract a lot of goodwill.
Furthermore, the exchange is reportedly planning to expand into several global markets and views Lithuania as a regional hub for MiCA compliance in the EU. These efforts could continue to drive BGB’s demand in the long term.
Bitget Token (BGB) Monthly Price Performance. Source: BeInCrypto
Ultimately, the goal of launching a satellite can still be challenging. Jambo plans to aim for $5 million in fundraising through Bitget LaunchX, but that likely won’t be enough to launch a satellite alone.
Prices vary widely, but even the cheapest options typically cost more than $10 million. While details of these challenges have yet to be addressed by Jambo, the company may explore additional financing options to achieve the project outcome.