Jambo expands to bolster financial inclusion in emerging markets

Jambo, the Web3 mobile infrastructure startup behind JamboPhone, has officially transitioned to Solana to empower underbanked communities in emerging markets.

The startup has partnered with stablecoin issuer Tether to accelerate this goal, it announced on Tuesday.

As part of their collaboration, Jambo, Solana and Tether will work together to offer access to a variety of solutions designed to empower JamboPhone users, including crypto and stablecoin payment rails, alternative banking and earning opportunities for people in Africa, Southeast Asia and Latin America.

“Bringing Jambo to Solana and Tether enables us to offer a comprehensive solution that meets the unique needs of these regions,” said James Zhang, co-founder of Jambo.

USDT rewards

This partnership will allow Jambo to integrate the USDT-SPL token with the stablecoin as the platform’s primary rewards mechanism. Users who participate in Jambo initiatives through the Jambo App on JamboPhone will earn rewards in USDT.

Missions include educational and promotional missions offered via the $99 phone from Jambo and its partners.

Overall, it aims to leverage the core aspects of the Jambo phone, Solana’s blockchain, and Tether’s traction. The JamboPhone offers affordability, the Solana network offers speed and efficiency, and Tether is the world’s largest and most widely adopted stablecoin.

Jambo said that combining these features with the increasing adoption of cryptocurrencies in emerging markets will allow people in these regions to benefit from greater financial inclusion.

Jambo announced its JamboPhone in February of this year, announcing that the phone was released following a partnership with the Aptos Foundation.

The tech startup introduced 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.