Monday, December 11, 2023

Mara Crypto Exchange Launched With Backing From Coinbase

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The pan-African MARA crypto exchange launched with some backing from Coinbase and Alameda Research so now the exchange could become the official partner of the Central African Republic and the second country to adopt BTC as a legal tender let’s have a closer look at today’s latest cryptocurrency news.

The MARA crypto exchange announced its launch today with a $23 million raise from backings from Coinbase Ventures, Alameda Research, and Distributed globally. The exchange announced that it struck a deal to become the official partner of the CAR which became the second country to adopt BTC as a legal tender. As a part of the partnership, the platform said it will act as an advisor to President Faustin Archange Toudera on the crypto strategy. MARA will target experienced traders, consumers, and developers with its products that are built specifically for the African audience. The executives on the platforms aid the exchange and will become the portal to the crypto economy of Africa at a time when economic instability in the region enhanced the demand for a decentralized alternative.

MARA’s mission is to bring the equal distribution of capital by providing a decentralized alternative that spans across the classes, cultures, and other countries as the co-founder Chi Nnadi said:

 “Our goal is to close the gap in opportunities for Sub-Saharan individuals and establish a financial infrastructure that they can build their lives upon.”

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The brokerage app MARA wallet will launch in Kenya and Nigeria and will offer users the ability to buy, send and sell crypto. It is unclear how the exchange will operate in Nigeria since the country banned crypto transactions in the banking sector. MARA will also launch a pro exchange with a range of trading options and technical analysis tools. The planned launch of the Mara chain will provide developers a place to build decentralzied applications. Crypto faced a few regulatory issues in Africa despite the many adopters. In 2021, Nigeria’s central bank banned financial institutions from handling crypto transactions but despite this, Nigerians continued to use digital currencies.

Mara said the launch brought plenty of regulatory challenges and difficulty reaching the African consumer in an authentic way that prevents global exchanges from operating in the region. Alongside the co-founder and CEO, the executive team is rounded by other co-founders, Dearg Obartuin, Llinas Munera, and Kate Kallot.

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