Saturday, January 28, 2023
  • Chi Nnadi founded the African fintech, MARA, in April 2021 as a part of a move to prompt the African crypto ecosystem
  • Mara’s digital financial ecosystem has officially launched its crypto wallet. This is after receiving support from big league investors such as Coinbase Ventures and, FTX-affiliated Alameda Research, Huobi Ventures
  • Mara secured $23 million in funding from its investors and has utilized these funds, increasing its functionalities and services

The African crypto ecosystem has received substantial recognition in 2022. The continent’s crypto adoption rate has gone through the roof. This is all thanks to the efforts of individual crypto traders and like-minded individuals who have banded together to launch numerous African fintech organizations.

Their efforts have propelled Africa into a new age of Decentralized Finance and applications. Mara is a Nigerian startup that has strived to ensure that each African can prosper through crypto and decentralized finance. The digital financial ecosystem has launched one of the few African crypto wallet services.

Who exactly are Mara, and what have they accomplished

Chi Nnadi founded the African fintech, MARA, in April 2021 as a part of a move to prompt the African crypto ecosystem. During the preliminary stages of its creation, he became aware of the social and financial challenges that affect remote African areas.

Hence he dedicated his understanding of cryptocurrency and blockchain to curb this dilemma. In an interview, he stated that instead of understanding blockchain technology specifically for its utility within the African context. There was an opportunity to develop an African fintech whose sole purpose was to aid struggling Africans.

Also, Read Visa collaborates with Blockchain.com to develop a new crypto card.

Mara’s digital financial ecosystem intends to immediately impact its home countries, Nigeria, Kenya, and Africa. It began this move by establishing a firm connection with the Central African Republic,c especially since it was one of the first African countries to legalize bitcoin as a legal tender.

India has stated that despite the growth of Africa’s crypto ecosystem, it all happened without any oversight. The Nigerian startup is a legalized exchange platform. It has plans to educate governments and provide support in KYC and AML best practices to ensure no significant losses occur.

mara

The Nigerian startup Mara continues t surpass expectations as it collaborates with Circle to boost Africa’s crypto ecosystem further.[Photo/AppsAfrica]

The Africa fintech’s chief executive stated that most governments are working through various processes and issues that will address the infrastructure issues faced by multiple countries. Once that is solved, integrating a digital financial ecosystem within a country’s economy will be much easier.

Mara intends to gain support from African countries such as Ghana and South Africa. They will target African countries still sceptical about cryptocurrency, like Kenya or Nigeria. Mara Fintech wants to eliminate the stereotypical mindset of most Africans about cryptocurrency. By showing them the practicality of crypto, Mara can do what so many strive for.

Mara launches a crypto wallet

Mara’s digital financial ecosystem has officially launched its crypto wallet. This is after receiving support from big league investors such as Coinbase Ventures and, FTX-affiliated Alameda Research, Huobi Ventures.

Mara wallet will offer cryptocurrency brokerage services that permit users to buy=, sell, and withdraw crypto and fiat currency. It will also act as abridge, interconnecting the global crypto world with Africa’s crypto ecosystem by providing access to dollars, pounds and euros. All of which can be used to buy and sell crypto.

Furthermore, the Nigerian startup seeks to educate its users on what cryptocurrency is. Hence has installed several educational resources within the application. Educating the populous on crypto and personal financial management can ensure the prosperity of Africa’s crypto ecosystem and promote a country’s economy by giving them the necessary steps for sound financial management.  

Mara will also partner with USD Coin Issuer Circle to foster the growth of blockchain development in Africa. This ensures aspiring blockchain developers have the necessary platform to acquire the essential skills and the market to showcase their ingenuity. 

The end goal for the African Fintech

Mara Wallet has over 3 million users on its waitlist, with a vast majority in Nigeria and Kenya. Nnadi has expressed gratitude to all its users and intends to expand its reach to other sections of the world.

Mara secured $23 million in funding from its investors and has utilized these funds, increasing its functionalities and services. The Nigerian startup claimed to target and educate 1 million blockchain developers and engineers across Africa.

Hack the Mara was a hackathon that sought to develop payment alternatives to aid Kenya’s Maasai people and increase the financial viability of conversation. The event was a success as three local teams received $100000 in prizes. In addition, they received access to a business accelerator program that advanced their product development.

Also, Read South Africa suffers another crypto scam: The Obelisk Whatsapp scam.

With the consistent growth of Africa’s crypto ecosystem, Mara intends to utilize this unexpected but fortunate turn of events to increase awareness in all African nations. Mara’s digital financial ecosystem will also launch a learning community with free instructional materials.

This is to facilitate several launches on financial literacy, cryptocurrency, Web3 and blockchain education. In addition, each graduate will receive a certification and an opportunity to work with Mara in its journey to better Africa.

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