Solana & Tether Boosts Paradigm-Backed Jambo's Expansion Plan

Highlights

Jambo expands to Solana blockchain with Tether backing.
The partnership aims to provide stablecoin and crypto payment options in emerging markets.
JamboPhone users can earn rewards in USDT for engaging and completing several tasks.

SOL crypto is back in the spotlight with a significant partnership that’s capturing investor attention. In a recent X post, Solana co-founder Anatoly Yakovenko recently praised Jambo’s expansion onto the blockchain, backed by Tether. Notably, this move aims to accelerate financial inclusion in emerging markets, according to the announcement, leveraging blockchain mobile technology to empower the unbanked.

Jambo Expands To Solana With Tether Backing

Jambo, a key player in Web3 mobile infrastructure backed by Paradigm, announced its expansion to the Solana blockchain. Partnering with Tether, Jambo aims to bring blockchain-based financial and educational solutions to emerging markets.

Notably, this initiative focuses on providing stablecoin and crypto payment options, alternative banking access, and global earning opportunities. Besides, the expansion targets regions such as Southeast Asia, Africa, and Latin America, where financial inclusion is crucial.

Meanwhile, James Zhang, Co-founder of Jambo, highlighted the comprehensive nature of this expansion. He noted that bringing Jambo to the SOL blockchain with Tether addresses the unique needs of these regions. The integration of Solana’s SPL USDT stablecoin is a vital part of this strategy, serving as the primary reward mechanism for user engagement.

Through the Jambo App on their affordable $99 JamboPhone, users can participate in various tasks and earn rewards primarily in USDT. These activities range from educational initiatives to promotional tasks, offering users opportunities to earn while learning.

Lily Liu, President of the SOL Foundation, emphasized the blockchain’s role in this partnership. She stated that the blockchain enables financial access for nearly anyone with an internet connection. Together with Jambo, they aim to make self-custody, financial opportunity, and educational resources accessible to millions.

Also Read: Bitcoin SV Founder Craig Wright Faces UK Perjury Investigation

Boosting Adoption Via Local Engagement

To foster local adoption, Jambo will work with local Superteams. These teams are composed of Web3 builders passionate about Solana and blockchain technology. Notably, they will focus on educating communities about the potential of Web3 and fostering local application development.

This grassroots approach aims to enhance the understanding and utilization of blockchain technology in emerging markets. By combining the affordability of the JamboPhone, the speed and efficiency of Solana, and the stability of Tether’s widely adopted stablecoin, Jambo addresses unique challenges in these regions.

This comprehensive strategy seeks to provide users with access to stablecoin and crypto payment rails, alternative banking options, and global earning opportunities. The ultimate goal is to drive financial inclusion and empower individuals in emerging markets.

Following the update, SOL price was up nearly 2% to $155.65, with its trading volume rising 38% to $2.89 billion. Over the last 24 hours, the crypto has touched a high of about $160. Besides, SOL Futures Open Interest surged 2%, indicating growing market interest in the crypto.

Also Read: Stripe Eases Bitcoin & Other Crypto Purchase In EU

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Rupam Roy

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