MARA secures $23M to develop Africa’s portal to the crypto economy

MARA, a Pan-African cryptocurrency exchange, has raised $23 million in funding from Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones (an investment DAO backed by Mike Shinoda, Steve Aoki, and Disclosure), and nearly 100 other crypto investors and angels, including Amit Bhatia and Hamad Al

MARA has also announced a collaboration with the Central African Republic, which just enacted legislation making Bitcoin legal tender. MARA will become the Central African Republic’s official crypto partner and an advisor to the President on crypto strategy and planning as part of this collaboration.

MARA’s inception coincides with a pivotal moment in Sub-Saharan Africa. Currency devaluation has occurred across the region as a result of political and economic instability, while the current centralized banking system continues to obstruct the development of both local businesses and individuals. As a result, food costs have doubled or quadrupled in certain locations, and interest rates have reached new highs. These outdated mechanisms have created a pressing demand for a decentralized solution.

MARA’s goal is to become the African population’s gateway to the crypto economy. While cutting-edge technologies like cryptocurrency have showed tremendous promise among Sub-Saharan Africa’s largely young and technologically savvy population, there are significant barriers to adoption. Many established worldwide exchanges are unable to function in the region due to legislative obstacles and the difficulties in authentically reaching African consumers. The amount of people who may engage in the crypto economy and the possible uses for digital currency in the region are severely limited by these hurdles to entry.

The MARA suite of solutions satisfies a wide range of critical crypto-finance requirements while adhering to local legislation and being designed specifically for the African market. MARA’s offerings include:

MARA Wallet is a cryptocurrency brokerage app that provides a simple, condensed experience for crypto-curious users to purchase, send, sell, and withdraw both fiat and crypto assets instantaneously and without any prior crypto expertise.
Pro-Exchange is a full-featured cryptocurrency platform geared toward advanced users, with a wide range of trading options and technical analysis tools.
MARA Chain — a layer-1 blockchain powered by the native MARA currency that allows smart developers to create decentralized applications that will define the future of the African crypto economy.

Chi Nnadi, Lucas Llinás Mnera, Dearg OBartuin, and Kate Kallot lead the MARA executive team, which is assisted by board advisers Kojo Annan and Tatiana Koffman.

“MARA’s objective is to allow a more fair distribution of capital by providing a decentralized alternative that crosses tribes, class, cultures, and countries,” says Chi Nnadi, MARA’s co-founder and CEO. “Our mission is to narrow the opportunity gap for people in Sub-Saharan Africa and construct a financial infrastructure on which they may build their lives.”

Unlike its North American and European competitors, MARA’s onboarding, support, and ecosystem are tailored to African needs. KYC/AML is consistent with international banking legislation and follows worldwide norms. Customer service will be offered in both local and international languages and will be easily accessible.

TQ Ventures Co-Founder Schuster Tanger states, “We are happy to work with MARA as it embarks on establishing a digital banking system for Sub-Saharan Africa.” “With the correct resources, this region has the potential to see widespread bitcoin adoption.” To that purpose, the MARA team’s local knowledge and specific skills are highly promising.”

MARA will first be available in Kenya, Nigeria, and the adjacent areas. MARA Wallet will be accessible on both the App Store and Google Play. Users who have pre-registered will be added to a queue to gain early access on a first-come, first-served basis. Referring friends allows users to move up the queue and receive crypto rewards while improving their chances of winning extra prizes and rewards. The MARA Wallet, if activated, would allow users to invest in cryptocurrency and send money to their loved ones in real time, with no processing times or delays.