Bitget and Jambo partner to raise $5M for satellite launch

Bitget has announced a strategic partnership with Jambo, a blockchain-based mobile network, to support an ambitious satellite launch aimed at enhancing decentralised access in emerging markets.

Jambo is seeking to raise $5 million through a token sale on Bitget's LaunchX platform, which will fund this initiative and facilitate the expansion of its blockchain ecosystem.

The partnership is designed to promote Jambo's vision of connecting users globally through innovative blockchain technology.

James Zhang, CEO of Jambo, highlighted the significance of the satellite launch, stating that it will vertically integrate their communication hardware, thereby creating new opportunities within their ecosystem.

This integration is expected to enhance the delivery of decentralised services in regions where traditional telecommunications infrastructure is lacking.

“Jambo’s vision of connecting the world through blockchain and mobile innovation aligns perfectly with our plan to support transformative projects,” remarked Bitget's CEO, Gracy Chen, expressing enthusiasm for the collaboration.

However, while Jambo aims to raise $5 million, launching a satellite typically incurs costs exceeding $10 million.

This discrepancy raises questions about Jambo's funding strategy and whether additional financial resources will be needed to achieve their goals.

The partnership also presents an opportunity for Bitget to enhance its visibility in the market.

Following recent fluctuations in its BGB (CRYPTO:BGB) token value, this high-profile initiative could help stabilise and boost investor confidence.