Nairobi — MARA, a Pan-African crypto exchange, launched on Wednesday and announced USD23 million Shs2.7billion in funding and a partnership with the Central African Republic, which just passed a bill legalizing Bitcoin as legal tender.
The funds were raised by Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones (investment DAO.
Mara will initially launch in Kenya, Nigeria, and surrounding regions and the Mara Wallet app will be available in the App Store and Google Play stores.
Once onboarded, the Mara Wallet will enable users to buy, send, sell and withdraw both fiat and crypto-assets instantly and without any prior crypto knowledge.
This will allow users to send money in real-time, without processing times or delays.
The Mara suite of products addresses a variety of essential crypto-finance needs while complying with local regulations and being built authentically for the African audience.
Pro-Exchange platform is one of its products that is focused on experienced users that offers a comprehensive suite of trading options and technical analysis tools.
Mara Chain is a layer-1 blockchain that gives savvy developers a place to build decentralized applications that will help shape the future of the African crypto economy.
As part of the partnership with CAR, Mara will become the official crypto partner of the Central African Republic and an advisor to the President on crypto strategy and planning.
Chi Nnadi, co-founder and CEO of Mara said the firm’s mission is to facilitate a more equitable distribution of capital by providing a decentralized alternative that spans across tribes, class, cultures, and countries.
“Our goal is to close the gap in opportunities for SubSaharan individuals and establish a financial infrastructure that they can build their lives upon. Mara’s onboarding, support, and ecosystem reflects the needs of Africans, ” Nnadi said.