Bitget partners with Jumbo to support satellite launch

BitGate is partnering with Jumbo, a blockchain-native mobile network, to raise funds for satellite launches. Jumbo hopes to raise $5 million through a token sale and fund its satellite launch to expand access to decentralized services.

This news comes from an exclusive press release shared with BeInCrypto.

Bitget and Jambo aim for stars

Bitget, one of the world's leading crypto exchanges, has set a very big goal with this jumbo collaboration. Jumbo, which launched in 2022 to become “Africa's WeChat”. Last year, it partnered with Aptos to release a blockchain-based phone..

BitGate CEO Gracie Chen explained how his company is helping to build satellite infrastructure:

“Jumbo's vision of connecting the world through blockchain and mobile innovation fits perfectly with our plan to support transformational projects. By facilitating Jumbo's satellite program through LaunchX, we aim to bridge the digital divide and leverage their efforts to unlock the potential of Web3 for emerging markets,” said Chen.

Through this partnership, Jambo can achieve several of its main goals simultaneously. The native token ‘J' is at the heart of Jambo's DeFi ecosystem, and the company will launch this token through Biget's LaunchX platform.

CEO James Zhang stressed that the satellite launch will create new opportunities for the vertical integration of Jumbo's communications hardware infrastructure.

Bitgate's launch of the Jumbo satellite could also garner a lot of publicity. Although the BGB token reached an all-time high in late December, it has seen significant corrections since then.

Bitgate took the drastic step of burning 800 million tokens to stabilize and increase the value of BGB, but has since stalled. Such a highly publicized launch can attract a lot of goodwill.

In addition, the exchange plans to expand into various global markets and is said to be considering Lithuania as a regional hub for MICA compliance in the EU. These efforts can sustain the interest of BGB in the long run.

Finally, the goal of launching a satellite may still be challenging. Jumbo plans to raise $5 million through Bitget LaunchX, but that may not be enough to launch a satellite.

Prices vary widely, but even the cheapest options cost more than $10 million. Although details about these challenges have not been responded to by Jumbo, the company may be looking for additional funding opportunities to achieve the project's results.