Coinbase, Alameda-backed Mara launches African crypto wallet service
Some two million users in Nigeria and Kenya are set to be onboarded to a new cryptocurrency wallet backed by the likes of Coinbase Ventures and Alameda Research.
Mara is a digital financial ecosystem project that is kickstarting its journey with the launch of a cryptocurrency wallet for signed-up users in Nigeria. A portion of the waitlist will be onboarded through an invite-only process starting on Oct. 27, followed by the onboarding of users in Kenya and Ghana.
The project is backed by cryptocurrency industry heavyweights, having raised $23 million in a fundraising round headlined by Coinbase Ventures, Alameda Research (FTX), Huobi and several other investors and venture capitalists.
The Mara wallet will offer cryptocurrency brokerage services through its app, allowing users to buy, send, sell and withdraw fiat and crypto. The app will also provide access to educational resources focused on cryptocurrencies and personal finance management.
Launching alongside the wallet is the Mara Foundation, a non-profit intended to drive blockchain and sustainable development in Africa. The Foundation is also partnered with USD Coin (USDC) issuer Circle and EURO Coin (EUROC) to drive uptake of the stablecoins.
Related: Crypto users in Africa grew by 2,500% in 2021: Report
Web3 and blockchain development are also a focus of the project, with Mara aiming to train one million developers on the continent. A first effort to drive this goal was a hackathon dubbed “Hack the Mara,” aimed at building payment solutions to support Kenya’s Maasai communities and improving the financial sustainability of conservation projects.
The Maasai Mara is a large ecological and wildlife conservation area in Kenya which is set to benefit from the initiatives
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