Layer-1 blockchain network Aptos is following in the footsteps of rival network Solana by introducing a crypto and Web3 smartphone. The firm has partnered with Jambo Technology to launch the device in emerging markets.
On February 15, Aptos announced the partnership with the little-known African technology firm with a mission “to enhance Web3 access in emerging markets.”
Web3 Access in Africa, LATAM
It added that the introduction of the JamboPhone was at the heart of this collaboration. The device is an,
“Affordably priced smartphone designed to unlock the digital economy for users.”
It will be sold across Africa, Southeast Asia, and Latin America for $99 and is already available in 40 countries.
The firm described the JamboPhone as “a bridge to the Aptos ecosystem.” It has been integrated through pre-installed applications such as the Petra Aptos wallet and Jambo App.
The Jambo App provides a Web3 experience with decentralized finance, gaming, and a suite of learning tools. Aptos Labs co-founder and CEO Mo Shaikh, formerly from Meta, said:
“I’m inspired by JamboTechnology and the Aptos Foundation because it is core to what makes Web3 beautiful: opening the world to financial access, inclusion, and empowerment.”
Emerging markets such as Africa and Latin America are adopting crypto at a faster rate than their developed counterparts. However, much of this is largely due to a large unbanked population and economic pressures such as high inflation.
Rivals Offerings and APT Price Reaction
Rival network Solana also has a smartphone offering, but it is definitely not geared toward emerging markets, with a $450 price tag.
Nevertheless, BeInCrypto reported that pre-orders of the latest Solana device set to launch in 2025 were high after the company slashed the price of its latest model.
APT prices gained a marginal 2.4% on the day to reach $10.22 at the time of writing. The token has now notched up 15% over the past week as crypto markets rally.
Furthermore, the venture capital-backed blockchain network has not been without teething problems and outages.
Aptos has also been aggressively flooding the market with token unlocks, which has kept prices depressed.
Source : BeInCrypto by Martin Young / Feb 16, 2024