Startup Mara raises USD 23 mln to build Pan-African crypto exchange

Friday 13 May 2022 14:00 CET | News

Startup Mara has secured USD 23 million in funding from organisations like Coinbase Ventures to build a Pan-African crypto exchange.

An Africa-focused crypto startup, Mara, has raised USD 23 million in funding for building a so-called pan-African cryptocurrency exchange, as per the press release. Participating in the startup’s capital raise were Coinbase Ventures, Alameda Research, Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, and Infinite Capital.

Mara’s officials stated that the upcoming platform would enhance Africa’s competitiveness. A decentralised alternative (which will include but not be limited to finance, art, ownership, infrastructure, and business as a whole) will give Sub-Saharan Africans an alternative to these systems. Through this digital financial system, the region will find itself in a better competitive position before other parts of the world.

As per the Venture Beat report, Mara will initially launch in Kenya, Nigeria, and surrounding regions. Meanwhile, the report revealed that Mara has entered into a partnership with the Central African Republic (CAR). As part of this partnership arrangement, Mara will become an official crypto partner of the country. Mara will also act as the CAR president’s adviser on such issues as crypto strategy and planning.

As previously reported by News, the CAR became the first African country to adopt bitcoin as its reference currency after its legislative body voted in favour of a crypto bill in late April 2022.

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Keywords: cryptocurrency, cryptocurrency exchange, startup, funding, partnership, digital assets, NFT
Categories: DeFi & Crypto & Web3
Companies: Coinbase, Mara
Countries: Africa
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DeFi & Crypto & Web3




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