“We started Jambo last year with the mission to onboard the next million (and potentially billion) African people to Web 3,” wrote James Zhang Jambo CEO and co-founder (along with his sister Alice) in an announcement blog post. “As blockchain and fintech enthusiasts ourselves, we’re bullish on Web 3’s potential to bring prosperity to every corner of Africa, where we are seeing the youthful, educated and smartphone-savvy population already embracing crypto at a rapid clip.”
Jambo’s “super app” concept combines education, collective access to play-to-earn games for lower barriers of entry and access to a curated network of Web 3 applications.
According to TheAfricanCryptoMarketReport, the region is fast growing and has seen a 1,200% increase in crypto markets to $106 billion in the year ending June 2021. World Economic Forum
. Last month, the Central African Republic adopted bitcoin (BTC) as legal tender, the second country in the world to do so after El Salvador.
“As Paradigm’s first investment in Africa, we couldn’t be more excited to partner with the Jambo team in this next phase of growth,” said Paradigm partner Casey Caruso. “We see massive Web 3 potential in Africa and it’s clear that James and Alice are uniquely positioned to build a durable on-ramp for the continent.”
In November, Paradigm launched a record-breaking $2.5 billion crypto fund, topping the prior $2.2 billion record held by Andreessen Horowitz.
Jambo raised $7.5 million in a seed round in February, with Coinbase (COIN) and Alameda Research among the backers.