MARA Raises $ 23m To Build Africa’s Crypto Economy Portal

MARA, a Pan- African crypto exchange, launched yesterday and announced $ 23 million in funding from Coinbase Ventures, Alameda Research ( FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones ( investment DAO backed by Mike Shinoda, Steve Aoki and Disclosure), and nearly 100 other crypto investors, and angels including Amit Bhatia and Hamad Alhoimaizi.

In addition, MARA has also announced a partnership with the Central African Republic, which just passed a bill legalising Bitcoin as legal tender. As part of this partnership, MARA will become the official crypto partner of the Central African Republic and an advisor to the President on crypto strategy and planning.

MARA’S launch comes at a critical inflection point in Sub- Saharan Africa. Political and economic instability has led to devaluation of currencies across the region, while the current centralised financial system continues to present ongoing obstacles to the development of both local economies and individuals. As a result, food prices have doubled to trippled in some areas and created recordbreaking interest rates. These tired systems have prompted a dire need for a decentralised alternative.

MARA’S mission is to become the portal to the crypto economy for the African population. While cutting- edge technologies such as cryptocurrency have shown incredible promise among sub- Saharan Africa’s predominantly young and technologicallynative population, there are considerable hurdles to using them.