From Africa to Web3: The Entrepreneurial Journey of Jambo Founder James

In the field of cryptocurrency and blockchain, the main user groups in the market are usually concentrated in Europe, America, and the Asia-Pacific region. These mature markets have well-established financial orders and systems, as well as user groups that have a deep understanding of cryptocurrencies. However, emerging markets such as Africa, Latin America, and Southeast Asia often lack awareness of cryptocurrencies and stable financial infrastructure. At the same time, these regions are also eager to gain stability and new trading opportunities through cryptocurrencies.

As exchanges and traditional financial institutions begin to pay attention to these untapped markets, long-ignored demand is transforming into rapidly growing capital and new users. Jambo has recognized this trend and expanded its business to over 120 countries and regions, including Brazil, Vietnam, and Turkey. They launched the world's first Web3 Earn mobile phone, JamboPhone, priced at only $99. As of July this year, global sales have exceeded 460,000 units, activating more than 1.8 million non-custodial wallets, demonstrating significant growth in its ecosystem. The Jambo ecosystem currently encompasses over 50 real-time Web3 projects across seven major blockchain networks.

James, the founder of Jambo, grew up in Congo, with his family having a history in Africa for three generations. He was exposed to the African social environment from a young age and later studied in the United States and China. While studying computer science at New York University, he first encountered cryptocurrency and purchased his first Ethereum. After graduating, he accumulated extensive experience in the investment field, eventually coming up with the idea of founding Jambo.

James stated that the inspiration for entrepreneurship comes from his background. He pointed out that Africa faces many of the issues that developed countries encountered decades ago, such as a lack of bank accounts and difficulties with cross-border payments. He believes these problems exist simply because no one has taken the initiative to solve them.

Speaking about his original intention to start a business, James admitted that it was initially just out of boredom. He noticed a lack of suitable projects for emerging markets, so he decided to tackle issues such as cross-border payments, remittances, and the unbanked himself. Jambo's goal is to create new cryptocurrency users in the market, rather than just repeating the existing user base.

In 2022, Jambo successfully completed a $7.5 million seed round and a $30 million Series A financing, receiving support from numerous top Western crypto funds. However, it faced significant challenges in promoting in the African market, as very few people locally understood cryptocurrency.

To break this deadlock, the Jambo team adopted the most basic grassroots strategy. They repeatedly explained the advantages of JamboPhone to users and helped them earn profits on the platform. James emphasized that trust can only be established when users actually make money.

The main user group of Jambo is young people. James explained that their phones come pre-installed with 15 software applications, and Jambo is one of the wallet applications among them. This precise user targeting allows Jambo to quickly capture the market in a short period of time.

James saw the huge potential of Africa. The population of Africa is very young, with an average age of only 18, which means there are a large number of young people who are curious about and accepting of new technologies and applications. He believes that helping these young people make money is the key to winning their loyalty.

In a region lacking a modern banking system, cryptocurrency payments and blockchain technology have found unique application scenarios. James mentioned that the number of 4G users in Africa is growing rapidly, expected to reach 300 million by 2025, which provides significant development space for Jambo's business.

James stated that he faced many challenges during the entrepreneurial process, including cross-time zone communication and team management. He admitted that if he could do it all over again, he might not choose to start a business, as it is indeed very difficult. However, he still firmly believes in the future of cryptocurrency and blockchain technology and hopes that more people can understand and participate in this industry.