Coinbase And Polygon Join Jambo’s $7.5M Seed Round

Coinbase and Polygon join Jambo’s $7.5 million seed round while other investors were involved as well like Delphi Ventures, Alameda Research, Three Arrows Capital, and more as we can see today’s latest Coinbase news.

Jambo is a web3 app for African youth which just added $7.5 million to its funds after the latest raise from Coinbase and Polygon as well as many others including UOB, Signum Capital, AllianceDAO, Tiger Global, and Yield Guild Games. In addition to the above funding investors, Jambo included Messari Ceo Ryan Selkis, Do Kwon from Terraform, and Polygon CEO Sandeep Naiwal as early investors and advisors. Jambo wants to be an all-in-one app for people that live in the African continent and will allow them to become banked ont eh blockchain, access crypto via decentralized exchanges, and enjoy blockchain games. The Co-founder and CEO James Zhang called it a super app because Jambo also takes web3 into education.

Alongside its crypto banking ambitions, Jambo is focused on educating the youth in a continent where about 60% of the population is under the age of 24. as a part of the effort, the startup launched an ambassadors program and the JamboAcademy to help bring new users to the Web3. Jambo has over 50 ambassadors spread across 15 African countries and about 12,000 students that take part in the education program which is focused on teaching youth about play to earn games and Web3 technology.

The startup plans to launch services in cities in 54 countries in Africa. With half of billion people now using mobile services and 30 million using 5G networks by 2025, Africa will continue to be the leader on the market for mobile app developers that are looking to tap into Web3. Following the latest investment, Jambo is hoping to join in on the trend.

As recently reported, The popular exchange of Coinbase’s shares saw a surge as the markets opened today after bringing millions of new users after the Super Bowl ad campaign on Sunday. Coinbase was trading 5% down on Nasdaq over the weekend but the stock Is back up 3% as of Monday and it is trading near to $200. The movement came following a successful Super Bowl ad campaign from the exchange where it competed against other ads from crypto companies like FTX and Crypto.com. The ad announced $15 in free BTC for anybody that will join the platform before February 15^th. This promised a  sure return compared to the FTX’s similar giveaway of 7.54 BTC to just 4 lucky winners.