Mara announces Ksh.2.7B funding to build Africa's portal to the crypto economy

Newly-launched Pan-African crypto exchange Mara has announced that it raised $23 million (approx. Ksh.2.7 billion) in funding to aid in its mission to become the portal to the crypto economy for the African population.

Mara, in a statement to newsrooms, said the funding was acquired from; Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital.

Other investors included 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.

The company also disclosed a new partnership with the Central African Republic, which just passed a bill legalizing Bitcoin as legal tender, set to see it become the official crypto partner of the country and an advisor to the Head of State on crypto strategy and planning.

The Mara executive team is led by Chi Nnadi, Lucas Llinás Múnera, Dearg OBartuin, and Kate Kallot, and is joined by board advisors Kojo Annan and Tatiana Koffman.

“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 technologically-native population, there are considerable hurdles to using them,” read the statement.

“Many existing global exchanges cannot operate in the region due to regulatory challenges as well as difficulty reaching the African consumer in an authentic way. These barriers to access significantly restrict both the number of people who can participate in the crypto economy and the potential uses for digital currency in the region.”

Mara’s products include the Mara Wallet, Pro-Exchange, and the Mara Chain.

Co-founder and CEO Chi Nnadi said: “Mara’s mission is to facilitate a more equitable distribution of capital by providing a decentralized alternative that spans across tribes, class, cultures, and countries.”

“Our goal is to close the gap in opportunities for Sub-Saharan individuals and establish a financial infrastructure that they can build their lives upon.”

Mara is set to launch in Kenya, Nigeria, as well as surrounding regions.