Coinbase, Alameda-backed Mara launches African crypto wallet service
Around 2 million users in Nigeria and Kenya are set to get on board a new cryptocurrency wallet backed by the likes of Coinbase Ventures and Alameda Research.
Mara is a digital financial ecosystem project that starts its journey with the launch of a cryptocurrency wallet for registered users in Nigeria. Part of the waiting list will be registered through an invitation-only process starting on October 27, followed by the introduction of users in Kenya and Ghana.
The project is backed by cryptocurrency industry heavyweights, having raised $23 million in a fundraising round led by Coinbase Ventures, Alameda Research, 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 financial management.
Alongside the wallet, the Mara Foundation is being launched, a non-profit organization that will drive blockchain and sustainable development in Africa. The foundation is also working with USD Coin (USDC) issuer Circle and Euro Coin (EUROC) to drive the adoption of stablecoins.
Related: Crypto users in Africa grew by 2500% in 2021: Report
Web3 and blockchain development are also a focus of the project, with Mara aiming to train 1 million developers on the continent. An initial effort to drive this goal was a hackathon called “Hack the Mara,” aimed at building payment solutions to support Kenya’s Masai community and improve the financial sustainability of conservation projects.
The Maasai Mara is a large environmental and wildlife conservation area in Kenya that is set to benefit from the initiatives aimed at promoting developers and payment solutions in East Africa. Three winning teams of 24 local developers were awarded a share of $100,000 in prizes as well as participation in a startup accelerator program to continue product development.
The foundation will also roll out an education community offering free resources on financial literacy, cryptocurrency, Web3 and blockchain education in multiple languages. Students at Mara Academy will receive certifications, so they can then teach and mentor other users in the program.
The project also aims to launch a proprietary layer-1 blockchain solution called Mara Chain that is intended to run decentralized applications. The blockchain platform will be launched before the end of 2022.
