From Unbanked to On-Chain

Approximately 3 billion people globally lack smartphone access, many of whom reside in emerging markets where crypto adoption could provide significant financial inclusion benefits.

Jambo is building the world’s largest on-chain mobile ecosystem, targeting mass crypto adoption through affordable hardware and user-friendly software solutions.

Figure 1: Jambo Lowers The Barriers To Entry While Promoting Long-Term Sustainability And Growth Of Its Ecosystem.

image3 8Source: Jambo Website – Link

With over 700,000 phones sold in 2024 and 8 million wallets onboarded across 120+ countries, Jambo’s vertical integration creates an ecosystem of both hardware (JamboPhone) and software (JamboApp) solutions, bridging the gap between traditional mobile technology and blockchain applications.

Jambo’s ambition is to build the world’s largest on-chain mobile ecosystem with a strategic focus on emerging markets. At the core of this ecosystem is the JamboPhone, an Android-based and crypto-native mobile device priced at $99 with pre-installed crypto applications.

Key Takeaways

  • Massive Market Opportunity: Targets 3 billion individuals without smartphones and 1.4 billion unbanked globally, focusing on emerging markets.
  • Integrated Ecosystem: Combines the $99 JamboPhone and JamboApp to deliver a user-friendly, crypto-native experience.
  • Strong Traction: Already achieved 700,000 phones sold and 8 million wallets onboarded across 120+ countries.
  • First-Mover Advantage: Largest crypto phone deployment globally, outperforming competitors in sales and market penetration.
  • $J Token Flywheel: Drives ecosystem engagement through rewards, payments, and cost-offset mechanisms, creating aligned incentives.
  • Robust Infrastructure: Strategic manufacturing agreements and a supply chain spanning 128 countries enable rapid scaling and reduced costs.
  • Financial Inclusion: Provides simplified crypto onboarding, cross-border payment solutions, and inflation-resistant asset access for underserved populations.
  • Sustainable Growth and Network Effects: Device affordability, ecosystem engagement, and partner expansion create a virtuous cycle for long-term scalability.
  • Strategic Backing: Backed by top-tier investors, including Paradigm, Pantera, Coinbase, and OKX, with $40M raised and a $500M valuation.

Background, Team, and Investors

The founding vision is clear: to transform how billions of people interact with the digital economy, making crypto not just a niche tool for the tech-savvy but a practical solution for real-world problems.

Jambo emerged to realize the vision of bridging the substantial gap that exists between emerging markets and crypto by building a consumer-friendly environment. The founding thesis identified three critical market challenges: i) limited access to traditional financial services, ii) low smartphone penetration rates, and iii) absence of user-friendly crypto solutions in underbanked regions.

This mission manifests by democratizing access and onboarding users via the JamboPhone. Priced at $99, this represents an accessible crypto-native smartphone that is specifically engineered for emerging market requirements. On top of that, the Jambo App delivers a comprehensive suite of crypto apps that unlock use cases such as earning opportunities, multi-chain support, and a decentralized application marketplace pre-populated with strategic partner solutions.

The leadership structure centers on James Zhang, CEO and Co-Founder, whose background combines experience from the D.R. Congo with expertise leading crypto investments at a multi-family office platform. His computer science education from NYU complements his practical emerging market experience in shaping Jambo’s strategic direction.

Figure 2: James Is A Frequent Speaker At Notable Conferences And Events Advocating The Future Of Web3 In Emerging Markets, Such As At The Davos World Economic Forum Recently

image13 6Source: @Forbes on X – Link

With a latest valuation of $500 million FDV, Jambo’s backing totals $40 million, counting with the support of top-tier strategic investors such as Paradigm, Pantera Capital, OKX, and Coinbase.

Figure 3: Jambo Is Backed By Top Investors Including Paradigm, Pantera, OKX, Coinbase, And More

image10 8Source: @JamboTechnology on X – Link

This consortium provides both capital resources and strategic partnerships crucial for scaling operations, which has proven to be instrumental in navigating the complexities of building a global consumer ecosystem.

Figure 4: Jambo Already Counts With An Extensive List Of Strategic Partners.

image17 4Source: @JamboTechnology on X – Link

At the core of Jambo’s origin lies a mission to onboard the next billion users to Web3. By democratizing access to financial tools and digital assets, the founding team saw the untapped potential of using decentralized networks to create scalable, low-cost solutions for everyday needs, from payments to banking and beyond.

Products and Technology

Jambo’s technological framework addresses a critical global market inefficiency: approximately 3 billion individuals lack smartphone access primarily due to prohibitive costs, with a significant overlap between this demographic and the unbanked population requiring crypto-based financial solutions.

Figure 5: There Were 3.1 Billion People (39% Of The Global Population) Living In Areas Covered By Mobile Internet But Not Using It By The End Of 2023

image1 7Source: GSMA State of Mobile Internet Connectivity Report 2024 – Link

Central to Jambo’s implementation strategy is the integrated hardware-software ecosystem. This commitment has resulted in significant operational achievements, notably: i) strategic manufacturing partnerships with three of the world’s five largest factories, ii) establishment of a supply chain network spanning 128 countries, and iii) creation of a scalable decentralized mobile network infrastructure.

This market-driven product strategy aims to develop a vertically integrated Web3 super-application ecosystem. Strategically coupled with smartphone hardware targeting emerging market users, this approach addresses two fundamental market challenges: i) prevalent low-quality specifications in emerging market smartphone models, and ii) limited access to crypto-earning opportunities.

Figure 6: Notice Jambo’s Ram, Which Allows Users To Use More Intensive Processing Apps Such As Games, Real-Time Location, Social Media And Streaming, Etc

image6 8Source: @DaveWangMIA on X – Link

The JamboPhone 2 has even stronger specs than the JamboPhone 1 above while still at the $99 price point. Spec upgrades on the JamboPhone 2 include 3x improved RAM at 12GB, 2x storage at 128GB, improved 16MP camera, and a bigger 6.75 inch screen.

On a practical level, by integrating earning opportunities directly into the JamboApp, users can participate in activities such as completing quests, engaging with partner applications, or staking assets to earn rewards in the ecosystem’s native $J token.

Figure 7: Ecosystem Rewards Can Offset The Initial $99 Cost Of The Jambophone, Effectively Making Device Acquisition More Affordable Over Time.

image15 4Source: Rubywant.eth on X – Link

User engagement is optimized through: i) streamlined onboarding processes prioritizing simplicity and accessibility, ii) retention mechanisms incorporating gamification and rewards systems, and iii) documented real-world adoption cases demonstrating practical implementation.

This creates a sustainable adoption loop: as users engage with the ecosystem to earn rewards, they not only reduce their financial burden but also increase their familiarity with crypto. The incentivized engagement further drives deeper participation in the Jambo ecosystem, fostering loyalty and retention.

JamboPhone & JamboApp

The JamboPhone demonstrates market leadership across two critical dimensions. First, in the sub-$100 segment, the JamboPhone outperforms all competitors on core hardware metrics. Second, excluding camera specifications, the device surpasses all existing crypto-native phones regardless of price point, including established competitors such as the Solana Saga, Seeker, and TON’s MetaPhone.

Figure 8: As Soon As They Get The Device Users Can Start Participating In Quests Or Rewards Campaigns.

image9 8Source: @JamboTechnology on X – Link

The dual role as a crypto phone and daily driver enhances its versatility, creating unique value propositions in three key areas:

First, accessibility and affordability through: i) strategic $99 price point positioning, ii) performance specifications exceeding market standards, and iii) cost-offset mechanisms through crypto engagement.

Second, ecosystem integration features: i) pre-loaded partnerships with industry-leading projects; ii) streamlined access to payment functionalities; and iii) diverse earning opportunities through platform engagement.

Third, security and authenticity mechanisms include: i) hardware-based validation for airdrops; ii) systematic prevention of farming activities; and iii) verified user identification protocols.

Figure 9: How Jambophone 2 Compares To Top $99 Smartphones.

image14 4Source: @JamboTechnology on X – Link

The company’s first-mover advantage is evidenced by current market penetration exceeding all competitors’ combined device sales. This is the byproduct of manufacturing optimization through strategic factory partnerships, streamlined production processes, distribution efficiency via established supply chain networks, local market partnerships, and targeted regional deployment.

Figure 10: By The End Of 2024 The Jambophone Was Present In 128 Countries.

image12 5Source: @JamboTechnology on X – Link

With curated dApp store access, gamified earning platforms, and pre-installed partner applications, this market strategy is a game changer for onboarding users and finding synergies with ecosystem projects, creating instant value and $0 Customer Acquisition Costs (CAC) for partners.

Emerging Markets Opportunity

There is a significant divergence in blockchain adoption patterns between emerging and developed markets. While European, East Asian, and American markets demonstrate measured skepticism, emerging markets exhibit accelerated adoption rates, primarily viewing blockchain technology as fundamental to the future of digital ownership and monetary systems.

Figure 11: The Second Most-Cited Association With Crypto Is “Alternative To The Traditional Financial Ecosystem”.

image18 5Source: Consensys Web3 Perception And Trends Around The World – Link

The addressable market demonstrates substantial scale across three primary dimensions. First, the mobile access gap represents a multi-trillion dollar opportunity, with approximately 3 billion individuals lacking smartphone access. Second, financial inclusion potential encompasses 1.4 billion unbanked individuals requiring basic banking services. Third, cross-border payment optimization affects populations dealing with remittance inefficiencies and inflationary pressures.

Figure 12: Over Half The Population In Nigeria (84%), South Africa (66%), Vietnam (60%), The Philippines (54%) And India (50%) Report Owning A Crypto Wallet In 2024

image4 8Source: Consensys Web3 Perception And Trends Around The World – Link

Jambo’s emerging markets strategy tackles key challenges in accessibility, financial inclusion, technological adoption, and infrastructure development.

Jambo reduces accessibility barriers through i) strategic $100 price point positioning, ii) enhanced hardware specifications relative to comparable devices, and iii) integrated earning mechanisms offsetting acquisition costs. The ecosystem also promotes financial inclusion through i) simplified crypto onboarding processes, ii) cross-border payment optimization, and iii) inflation-resistant asset access. On top of that, technological adoption is fostered via i) pre-installed blockchain applications, ii) intuitive user interfaces, and iii) educational resources supporting user engagement.

Figure 13: Jambo Is Developing The World’s Largest On-Chain Mobile Ecosystem, With A Strategic Focus On Emerging Markets Through The Integration Of High-Performance Hardware And Accessible Software Solutions.

image16 5Source: @JamboTechnology on X – Link

The market penetration and user acquisition framework operates across multiple dimensions, prioritizing regions with i) high crypto wallet adoption, ii) significant unbanked populations, and iii) areas experiencing currency instability.

Figure 14: Incentives Include Crypto Earning Opportunities, Device Cost Subsidization, And Ecosystem Participation Rewards.

image7 8Source: @JamboTechnology on X – Link

Jambo’s Flywheel For Scalable Growth

Relative to other crypto-native phones, such as Solana’s Saga, or dApp stores in the market, such as Worldcoin’s World App, Jambo maintains a competitive advantage by blending hardware and software in a cohesive ecosystem.

Jambo’s growth strategy leverages a synergistic model combining physical infrastructure development, software ecosystem advancement, and market expansion to create a self-sustaining growth flywheel. As more partners join, they introduce additional earning opportunities, which further enhance the value proposition of owning a JamboPhone. This increase in demand supports higher phone sales, enabling Jambo to achieve economies of scale, reducing per-unit manufacturing costs.

Figure 15: Bonuses From Jambo Ecosystem Partners Await Jambophone Users.

image17 4Source: @JamboTechnology on X – Link

To understand the implications of this, notice how Decentralized Physical Infrastructure Networks (DePIN) often face two core challenges: high hardware costs and limited distribution networks.

On the one hand, hardware challenges include expensive, single-purpose devices with slow iteration cycles and a lack of control due to reliance on third-party manufacturing, which undermines cost efficiency and scalability. On the other hand, distribution hurdles involve limited geographic coverage, slow network scaling, and insufficient understanding of target demographics, which collectively impede user adoption.

Figure 16: The Depin Network Flywheel Explains That Depin Projects Need Hardware, Middleware, And A Distributed Network With A Token Model, Boosting Both Supply And Demand.

image2 8Source: @dr_andrewlaw on X – Link

Jambo has addressed these two critical challenges in crypto hardware deployment by securing production agreements with three of the five largest global factories and establishing a supply chain spanning 128 countries. This groundwork enables faster scaling, reduced costs, and broad accessibility, positioning Jambo as a leader in overcoming DePIN’s traditional barriers.

Figure 17: Web3 Infrastructure Is Replicating Web2’s Trajectory And Becoming Mobile-First.

image5 8Source: @DaveWangMIA on X – Link

This strategy mirrors the playbooks of companies like Apple and Google, which have created ecosystems that reinforce user engagement and partner integration. Like Google Gemini or Gmail, Jambo leverages seamless usability and integration to drive stickiness. Similar to Apple’s closed ecosystem, the pre-installed JamboApp ensures users remain within its ecosystem, capturing user time and maximizing value.

Tokenomics

The $J token lies at the core of Jambo’s ecosystem, engineered to optimize network effects, incentivize participation, and ensure sustainable value creation. The tokenomics are designed to drive adoption, with incentivization mechanisms including quest-based earning opportunities, partner engagement rewards, asset staking benefits, and device cost offsetting to make the ecosystem accessible.

Figure 18: $J token launches on Jan 22, 2025 with listings on leading CEXs like OKX, Bybit, Bitget, Gate, and Kucoin

image8 8Source: aixbt on X – Link

Aligned incentives create value for users, partners, and the network. Users benefit from reduced financial barriers, earning opportunities, and ecosystem rewards. Partners gain zero-cost user acquisition, access to a verified audience, and integrated onboarding solutions. The network grows through increased adoption, expanded partnerships, and enhanced utility.

As for long-term sustainability, supply management practices will involve i) strategic rewards allocations, ii) ecosystem development funding mechanisms, iii) dynamic parameters for inflation, and iv) utility-driven token burning.

Ultimately, the $J token amplifies network effects by fostering adoption, optimizing costs, and creating value loops within the ecosystem. Increased token circulation drives user engagement, attracts more partner applications, and expands earning opportunities, boosting overall adoption. As device sales grow, economies of scale reduce production costs, enhance ecosystem efficiency, and improve resource allocation. This creates a virtuous cycle where user participation fuels partner growth, expanded partner integration increases user value, and network growth further lowers costs, reinforcing the ecosystem’s scalability and sustainability.

Conclusion

By combining accessible hardware, user-centric software, and a robust tokenomics framework, Jambo addresses critical challenges in accessibility, financial inclusion, and technological adoption, unlocking the potential for billions of users to engage with Web3.

The $99 JamboPhone and JamboApp create a vertically integrated ecosystem that democratizes access to blockchain technology, allowing users to offset device costs through earning opportunities while fostering loyalty and engagement.

With 700,000 phones sold, 8 million wallets onboarded, and partnerships with top-tier investors like Paradigm, Pantera, OKX, and Coinbase, Jambo has already demonstrated significant traction. The launch of the $J token further amplifies its network effects, aligning incentives for users, partners, and the broader ecosystem, creating a self-reinforcing cycle of adoption and growth.

Solving real-world problems and empowering underserved populations, Jambo becomes a platform for global inclusion and innovation, poised to lead the next wave of crypto adoption in emerging markets.

References

Disclosures

Alea Research is engaged in a commercial relationship with Jambo Technology as part of an educational initiative, and this report was commissioned as part of that engagement.

Members of the Alea Research team, including those directly involved in the analysis above, may have positions in the tokens discussed.

This content is provided for educational purposes only and does not constitute financial or investment advice. You should do your own research and only invest what you can afford to lose.

Alea Research is a research platform and not an investment or financial advisor.