Home » Coinbase, Alameda-backed Mara launches African crypto wallet service

Coinbase, Alameda-backed Mara launches African crypto wallet service

by admin

Nearly 2 million users in Nigeria and Kenya will be enrolled in the new cryptocurrency wallet backed by Coinbase Ventures, Alameda Research and others.

Mara is a digital finance ecosystem project that begins its journey with the launch of a cryptocurrency wallet for users who sign up in Nigeria. A portion of the waitlist will be onboarded through an invite-only process beginning October 27, followed by the onboarding of users in Kenya and Ghana.

the project is Backed by big names in the cryptocurrency industryCoinbase Ventures, Alameda Research, Huobi, and several other investors and venture capitalists have raised $23 million in a funding round headlined.

Mara Wallet provides cryptocurrency brokerage services through the app, allowing users to buy, send, sell, and withdraw fiat and cryptocurrencies. The app also provides access to educational resources focused on cryptocurrencies and personal financial management.

Launched alongside the wallet is the Mara Foundation, a non-profit organization dedicated to advancing blockchain and sustainable development in Africa. The Foundation is also affiliated with USD Coin (USDC) Issuer’s Circle and Eurocoin (EUROC) to facilitate stablecoin uptake.

Related: African Crypto Users Grow 2,500% in 2021: Report

Web3 and blockchain development are also the focus of the project, with Mara aiming to train 1 million developers on the continent. The first effort to advance this goal was a hackathon called “Hack the Mara.” This aimed to build a payment solution to support Kenya’s Maasai community and improve the financial sustainability of conservation projects.

The Masai Mara is Kenya’s largest ecological and wildlife reserve and will benefit from an initiative aimed at fostering East African developer and payment solutions. His three winning teams out of 24 local developers were awarded a share of the $100,000 prize pool, as well as startup participation in his accelerator program to continue product development.

The Foundation will also develop an education community that provides free resources on financial literacy, cryptocurrency, Web3, and blockchain education in multiple languages. Mara Academy students earn certifications that enable them to mentor and mentor others within the program.

The project also aims to launch its own Layer 1 blockchain solution called Mara Chain, aimed at running decentralized applications. The blockchain platform is touted to launch by the end of 2022.