Africa should no longer be underestimated, it loves crypto! – Already in the spring of 2020 , we could notice that the use of cryptocurrencies was constantly increasing on the African continent. This observation is still relevant at the start of 2022.
According to research from data provider Triple A, Africa is the third continent with the most crypto users just behind Europe and Asia. At the heart of the African continent, Nigeria is in the lead with its 13 million users . Furthermore, Nigeria ranks third globally just behind India and the United States. This is not surprising, since the country created its first e-commerce operating only with cryptocurrencies in 2017 .
In the last year alone, the value of Africa’s crypto market has increased by 1200%. Equipping the continent with the right web3 tools to better exploit this disruptive technology is not a simple task, however. Given the expanse and diversity of Africa, Jambo offers to ease the path to organic blockchain adoption. Thus, the inhabitants of the regions and countries of the continent will be able to find an approach adapted to their own conditions. Influential investors, including Paradigm, are now joining the process. A significant investment that comes as field operations multiply.
the Jambo company is proud to announce that its series A financing round has just closed with the raising of 30 million dollars. Seduced by the work already done on site, the company Paradigm, which supports many blockchain protocols, has itself made a point of leading the dance by investing massively.
CRYPTO INITIATIVES ON THE GROUND ACROSS THE CONTINENT
The diagnosis is final. The key to Web3 proliferation in Africa is access to on-the-ground education. One city after another, Jambo sets up local networks of ambassadors. They offer educational programs tailored to each community.
Thus, many partnerships have already been established. Thousands of cyber cafes and universities to provide students with access to computers and high-speed internet. It is hoped to get the interest of thousands of users to test and use the Jambo Web3 application currently under development.
JAMBO PROPOSES A WEB3 FUTURE VISION FOR AFRICA
A significant part of the funds raised will be used to recruit the engineers essential to the development of this application. It will allow Africans to freely trade cryptocurrencies, NFTs, play decentralized mobile games. But also to finally access Dapps from top-notch blockchain projects.
In addition, the company announces that it intends to devote a large part of the financing obtained to doubling the team in Africa by the end of the year. This is to provide the talent needed to educate the continent on the potential of Web3 technology. The project targets a community of more than 200,000 members, students and ambassadors affiliated with educational efforts. It is also for Jambo to extend its program to more than 15 additional cities by the end of the year.
To support the potential transformations that Web3 should bring to Africa, an “AfricaDAO” investment fund will also be created. It will aim to facilitate the investment of users in startups. Projects that want to have a positive impact on the lives of millions of Africans for decades to come. A noble objective, carried out in partnership with the many institutional investors who have already made a strong commitment to the cause.
Finally, such a large-scale project could not have been initiated without the unwavering support of a large part of the crypto community. Starting with the large investment funds. A timely reward for the enormous work already accomplished. But above all, a lasting commitment to building the Web3 application ecosystem specifically for Africa.