Coinbase Ventures Backed Startup Building Pan-African Crypto Exchange With $23 Million Capital Raised – Bitcoin Funding News

African startup Mara recently said it has raised about $23 million in funding from institutions ranging from Coinbase Ventures to individual angel investors such as Amit Bhatia and Hamad Al Homaizi. Mara has also entered into a partnership with the Central African Republic and will act as an advisor to the country’s president.

Strengthening Africa’s competitiveness

Africa-focused crypto startup Mara has reportedly raised $23 million in funding to build a so-called pan-African crypto exchange. He participated in the capital raising of startups 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 such as Amit Bhatia and Hamad Al Homaizi. In addition, around 100 crypto investors are said to have taken part in the round.

In his comments after Mara’s fundraising success, startup CEO Che Nnandi was quoted in the report as suggesting that the upcoming platform will boost Africa’s competitiveness. It is to explain:

The decentralized alternative (which will include but is not limited to finance, art, property, infrastructure and business as a whole) will give sub-Saharan Africans an alternative to these tired regimes. 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 the head of CAR

According to a Venture Beat report, Mara will initially be launched in Kenya, Nigeria and the surrounding areas. Meanwhile, the report revealed that Mara has entered into a partnership with the Central African Republic. As part of this partnership agreement, Mara will become an official crypto partner for the country. Mara will also serve as an advisor to the President of the Central African Republic on issues such as crypto strategy and planning.

As previously reported by News, the Central African Republic became the first African country to adopt bitcoin as its reference currency after its legislature voted in favor of a crypto bill in late April.

However, several organizations, including the International Monetary Fund (IMF), have questioned the Central African Republic’s decision to adopt bitcoin. Others pointed to the country’s lagging telecommunications infrastructure as evidence that the African country may not be ready to adopt cryptocurrency.

Tags in this story

Alameda Research, Bitcoin, Central African Republic, Bitcoin, Central African Republic, Che Nandi, Coinbase Ventures, Decentralized Finance, Digital Financial System, Fundraising, IMF, Pan-African Cryptocurrency Exchange

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Terence Zimoara

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

photo credits: Shutterstock, Pixabay, Wiki Commons

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