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

Mara, an African startup that has recently raised $23 million from various investors, including Coinbase Ventures and individual angel investors 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

Mara, an Africa-focused crypto startup has received $23 million funding in order to create a pan-African cryptocurrency trading platform. 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.

Venture Beat reported that the round attracted angel investors Hamad alhoimaizi (Amit Bhatia) and Hamad Alhoimaizi. A total of 100 crypto investors were also reported to have taken part 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:

Sub-Saharan Africans have an alternative to their tired system. A decentralized alternative will be available that will not only include finance but also art, property, infrastructure and finance as a whole. 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

According to Venture Beat, Mara will launch initially in Kenya, Nigeria and the surrounding areas. The report also revealed that Mara had entered into partnership with Central African Republic (CAR). Mara is now an official partner in crypto for the country as part of the partnership agreement. Mara will also act as the CAR president’s adviser on such issues as crypto strategy and planning.

Bitcoin.com News previously reported that CAR adopted bitcoin as its first reference currency in April, after its legislature voted for a cryptocurrency bill.

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.

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Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and writer. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.