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  • Writer's pictureConnie Chan

Coinbase Backed Mara Set To Introduce Crypto Wallet Service Across Africa

Many continents make impressive progress in the crypto space, and Africa is not left out. Many people and even businesses from Africa have plunged into crypto sphere. Gradually, digital assets are becoming a lucrative option in the continent.

Such growth in crypto adoption has drawn the attention of crypto projects to the continent. Mara is one of the projects focusing on African countries despite being a new entrant into the space. In addition, the digital financial ecosystem project has launched a digital wallet for its customers in Nigeria.

Subsequently, a portion of the waitlist will be onboarding through a strict invite process. After that, the follow-up process will be to onboard users in Ghana and Kenya.

Coinbase And Alameda Research Backing Crypto Firm Mara

Some giant companies in the crypto industry are backing Mara. It generated about $23 million during a fundraising round in the year’s first half. The pioneers of the round include Alameda Research, Coinbase Ventures, Huobi, and other venture capitalists and investors.

The firm has planned to make its first move in Nigeria and Kenya. The crypto project is to provide users with a platform for acquiring, withdrawing, and trading digital assets.

With the launch of the Mara wallet, users could access crypto brokerage services seamlessly through the app. Hence, they could buy, sell, send, trade, and withdraw their fiat and crypto assets. Also, the app will include educational resources on digital assets and other personal finance management.

Besides the wallet from the project, there’s also the launch of the Mara Foundation. It is a nonprofit-based foundation focusing on the aggressive drive of blockchain and sustainable development in Africa. Also, Circle collaborates with the foundation through its USD Coin (USDC) and Euro Coin (EUROC). It plans on creating a higher drive for the stablecoins.

Mara Shows Interest In Web 3

Mara’s digital asset project is interested in Web 3 and blockchain development. It aims to train about 1 million developers on the African continent. The initial step was through a hackathon tagged ‘Hack the Mara.’

It focused on building payment solutions to drive the Maasai communities of Kenya. Also, it plans to enhance the financial sustainability of conservation projects.

The Maasai Mara is a significant ecological and wildlife conservation area in Kenya. The place is meant to strive from the plans of fostering developers and payment solutions in East Africa. There has been a shared award of $100,000 prizes to 3 top teams out of 24 local developers.

Also, they passed the entry into a startup accelerator program to improve their product development.

The Mara Foundation planned to launch an educational community offering multiple languages. This community will provide training in several areas like crypto assets, financial literacy, Web 3, and blockchain education.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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