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Coinbase backed Mara raises $23mn
Pan-African centralized crypto exchange Mara has raised $23 million as it plans to invest in a suite of products targeting Nigeria and Kenya, before expanding to East Africa and Francophone countries, for more on this we are joined by the CEO Chi Nandi.
Mon, 16 May 2022 15:04:10 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Discussion on the volatility in the crypto market and the transformative potential of blockchain technology for Africa
- MARA's strategic focus on Nigeria and Kenya as pivotal markets for crypto adoption and financial innovation
- MARA's role in supporting crypto adoption in African nations and promoting regulatory engagement to drive widespread crypto usage
In a significant development in the world of cryptocurrencies, the Pan-African centralized crypto exchange, MARA, has successfully raised $23 million in funding. The company's primary objective with this capital infusion is to invest in a suite of products aimed at revolutionizing the financial landscapes of Nigeria and Kenya before expanding its operations to other East African and Francophone countries. This momentous occasion was discussed in detail during a TV interview on CNBC Africa with CEO and co-founder Chi Dadi.
During the interview, Chi expressed her thoughts on the recent volatility in the crypto market. She highlighted that the fluctuations were not exclusive to the crypto industry but were prevalent across all markets worldwide. Chi emphasized that beyond the price of cryptocurrencies, the underlying blockchain technology holds immense potential for Africa. She stated that outdated financial systems in sub-Saharan Africa need to evolve, and blockchain technology can play a pivotal role in ushering in a new era of financial inclusivity and efficiency.
Chi also shed light on MARA's vision of becoming a leading crypto exchange for Africans, by Africans. The company's recent funding round saw support from prominent investors such as Coinbase Ventures, Alameda Research, FTX, Distributed Global, and TQ Ventures. Chi underscored the importance of empowering the younger generation in Africa to leverage crypto assets and build a secure financial future.
The focus on Nigeria and Kenya as primary target markets was elucidated by Chi, who shared that her personal experiences in these countries fueled her determination to drive change through crypto adoption. With a burgeoning youth population in these nations, there is a growing enthusiasm for cryptocurrencies, paving the way for regulatory engagement and safe adoption practices.
Moreover, the interview delved into the recent crypto-related developments in African nations like Botswana, Tanzania, and the Central African Republic. These countries have showcased interest in embracing crypto assets, with some even considering legal tender status for cryptocurrencies. MARA's role in supporting the adoption of cryptocurrencies in these regions was highlighted, emphasizing the need for robust infrastructure, national ID campaigns, and internet accessibility to facilitate widespread usage.
Chi articulated MARA's commitment to guiding governments and policymakers in navigating the complexities of integrating crypto into their economies. By promoting KYC and AML protocols and advocating for internet accessibility, MARA aims to be at the forefront of the crypto revolution in Africa.
As the crypto landscape continues to evolve rapidly, MARA's successful funding round underscores the growing confidence in blockchain technology's potential to drive financial inclusion and innovation in the African continent. With a clear focus on empowering the youth and collaborating with regulators, MARA is poised to lead the crypto revolution in Africa, one country at a time.
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