Coinbase Ventures Backed Startup to Build Pan-African Crypto Exchange With $23 Million Capital Raise

2022-05-14 13:3499392

Source: Bitcoin.com

The African startup, Mara, recently said it has raised about $23 million in funding from organizations ranging from Coinbase Ventures to individual angel investors like Amit Bhatia and Hamad Alhoimaizi. Mara has also partnered with the Central African Republic (CAR) and will act as an adviser to the country’s president.

Enhancing Africa’s Competitiveness

An Africa-focused crypto startup, Mara, has raised $23 million in funding for building a so-called pan-African cryptocurrency exchange, a report has said. Participating in the startup’s capital raise were Coinbase Ventures, Alameda Research, Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, and Infinite Capital.

According to a report by Venture Beat, the funding round also attracted angel investors like Amit Bhatia and Hamad Alhoimaizi. In addition, about 100 crypto investors are said to have participated in the round.

In his comments following Mara’s successful fundraise, the startup’s CEO Chi Nnandi is quoted in the report suggesting that the upcoming platform would enhance Africa’s competitiveness. He explained:

A decentralized alternative (which will include but not be limited to finance, art, ownership, infrastructure, and business as a whole) will give Sub-Saharan Africans an alternative to these tired systems. Through this digital financial system — through this freedom — the region will find itself in a much stronger competitive position before other parts of the world.

Mara to Advise CAR’s President

As per the Venture Beat report, Mara will initially launch in Kenya, Nigeria, and surrounding regions. Meanwhile, the report revealed that Mara has entered into a partnership with the Central African Republic (CAR). As part of this partnership arrangement, Mara will become an official crypto partner of the country. Mara will also act as the CAR president’s adviser on such issues as crypto strategy and planning.

As previously reported by Bitcoin.com News, the CAR became the first African country to adopt bitcoin as its reference currency after its legislative body voted in favor of a crypto bill in late April.

Coinbase Ventures Backed Startup to Build Pan-African Crypto Exchange With $23 Million Capital Raise

Nevertheless, many organizations, including the International Monetary Fund (IMF), have questioned the CAR’s decision to adopt bitcoin. Others have pointed to the country’s lagging telecommunications infrastructure as evidence the African nation may not be ready to adopt the crypto.

Coinbase Ventures Backed Startup to Build Pan-African Crypto Exchange With $23 Million Capital Raise Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Previous articleReport: UAE’s Emirates Airline Set to Use ‘Bitcoin as a Payment Service’ Next article European Commission Has ‘Serious Doubts’ About Markets in Crypto Assets Draft, Report Reveals More Popular News In Case You Missed It Coinbase Ventures Backed Startup to Build Pan-African Crypto Exchange With $23 Million Capital Raise

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn't Be Surprised if Stocks Fell 40% Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto
Likes 0
Favorite
Declaration: This article is published with the authorization. And it can't represent FTFTX's standpoint. Please note the source of article if it is reprinted: www.ftftx.com
All Comments(4)
Publish

CryptoDad

CryptoDad

Fortune password?

05-14 13:40

Mad Banana

Mad Banana

It's too strong

05-14 13:36

Zeno Automator

Zeno Automator

Institutions line up to buy bitcoin

05-14 13:35

Ugly Kitties

Ugly Kitties

Need to learn every day

05-14 13:34
No More
Hot

California ‘Cardinale Automotive Group’ Now Accepts Shiba Inu (SHIB) As Payment

1California ‘Cardinale Automotive Group’ Now Accepts Shiba Inu (SHIB) As Payment

California Business “The Cardinale Automotive Group” Now Accepts Shiba Inu (SHIB) as a Payment via BitPay. Shiba Inu (SHIB)

2022-05-16 17:34 | The Crypto Basic45157

Why Is Bitcoin The Most Popular Cryptocurrency?

2022-05-16 16:56 | The Crypto Basic32278

FTFTX APP DownloadUse
iOS 9.0 and above
Android 4.3 and above

Feedback
Back