Markets
Jambo expands to strengthen financial inclusion in emerging markets
Jambo, a Web3 mobile infrastructure startup behind the JamboPhone, has officially expanded to Solana to empower the unbanked in emerging markets.
The startup has partnered with stablecoin issuer Tether to accelerate that goal, according to a announcement on Tuesday.
As part of their collaboration, Jambo, Solana It is Mooring will work together to provide access to a range of solutions designed to empower JamboPhone users. These include cryptocurrency and stablecoin payment rails, alternative banking services, and earning opportunities for people in Africa, Southeast Asia, and Latin America.
“Bringing Jambo to Solana and Tether allows us to provide a comprehensive solution that meets the unique needs of these regions,” said Jambo co-founder James Zhang.
USDT Rewards
This partnership will allow Jambo to integrate the USDT-SPL token, with the stablecoin as the platform’s primary reward mechanism. Users who engage in Jambo initiatives through the Jambo app on JamboPhone will earn USDT rewards.
Tasks include educational missions and promotional tasks that Jambo and its partners offer for the $99 phone.
Overall, Jambo is looking to leverage key aspects of its phone, the Solana blockchain, and Tether’s traction. The JamboPhone offers affordability, the Solana network boasts speed and efficiency, while Tether is the world’s largest and most widely adopted stablecoin.
Combining these features with the growing adoption of cryptocurrencies in emerging markets will see people in these regions benefit from greater financial inclusion, Jambo said.
Jambo announced its JamboPhone in February this year, revealing that the phone’s launch came after a partnership with the Aptos Foundation.
The tech startup announced this smartphone as a potential rival to Solana’s Saga, which sold out in December 2023 before pre-orders for a new Saga opened in January 2024.