MARA Exchange Receives $23 Million From Venture Firms To Expand Operation In Africa

MARA Targets Kenya And Nigeria

A new crypto exchange with backing from a powerful roster of industry giants is about to launch in East Africa to capitalize on many prospective customers present throughout the continent.

MARA was funded with $23 million by various venture capital companies, including Alameda Research, Coinbase Ventures, and Huobi Ventures. The site will first function in Nigeria and Kenya, providing new clients with a virtual exchange environment to buy, trade, and receive crypto.

It has been decided to create the MARA chain, a layer-1 blockchain. This blockchain will allow programmers to create decentralized apps that will run inside the MARA community. The platform will provide more advanced traders with access to an expert exchange that provides various trading alternatives and instruments for doing technical analysis.

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MARA To Become Crypto Partner For Central African Republic 

Additionally, it was verified by the MARA group that collaboration had been established with the Central African Republic In April. MARA will function as the official cryptocurrency partner of the nation and will support the country on standard practices, planning, and strategy as the country moves to use crypto on a larger scale.

Chi Nnadi, CEO of MARA, noted that the company’s intention to debut its product in Nigeria and Kenya was largely driven by the fact that both nations are leaders on the African continent in terms of crypto adoption rate. As per Chainalysis, Kenya is now leading in terms of P2P exchange, while in Nigeria, 35% of individuals either have Bitcoin or trade it.

Nnadi admitted that;

“Regulational obstacles and problems in reaching the African customer in an effective way prevent a great number of current worldwide exchanges from operating in the area. This is one of the reasons why both the amount of individuals who are able to engage in the cryptocurrency economy and the number of possible applications for digital money in the area are dramatically reduced.”

Nnadi believes that the subsequent generation will be the driving force behind a digital change, despite the legislative constraints and the infantile stage of the crypto industry. Nnadi noted that many young people in Africa are constructing transformational frameworks and strategies to integrate new technology into their communities.

Nnadi stated that MARA’s job as a partner to the Central African Republic would be to advise the nation as it strives to embrace a digital economy. The firm will guide the country on necessary infrastructures such as Anti-Money Laundering, Know Your Customer, and how to combat crypto usage for financing terrorism. 

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