Pan-African startup built for ease of cryptocurrency transactions, MARA, has secured $23 million seed in equity and token sale.
Alongside several crypto and Web3 investors such as Coinbase Ventures, Alameda Research (FTX) and Distributed Global, the round included TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures and Infinite Capital as well as DAO Jones.
Co-founded by Chi Nnadi, MARA includes a team of executives from Amazon, PayPal, Uber, NVIDIA, Founders Bank, and Rappi. The company is focused on ensuring trust and normality in cryptocurrency and blockchain, demystifying technology and helping over one billion Africans learn and build digital wealth through blockchain with ease. Its flagship product is a consumer crypto-brokerage app that allows users to buy, send, sell and withdraw fiat and crypto assets
Aiming for an initial launch of its suite of new products in July this year, with Kenya and Nigeria being its focus countries for now, MARA is striving hard to address a variety of crypto-finance needs while being regulator-compliant and authentically African-made.
The company is harnessing the deep-rooted power of decentralized blockchain technology, and is set to make cryptocurrency approachable and rewarding for all through innovative and sustainable solutions to help future generations empower themselves.
MARA also plans to launch the MARA Chain, a layer-1 blockchain and Alchemy-esque platform powered by the native MARA token for developers to build decentralized applications — also known as DApps — in the fourth quarter of this year. In 2023, the company plans to launch a pro-exchange for sophisticated traders that utilize technical analysis and prefer a full set of trading options to the traditional exchange options on its retail app.
MARA is creating financial infrastructure for people to build their lives. Beyond the purchase of crypto, the company wants to help African engineers create their own projects sustainably. Its goal is to be the source for incubating talent and give users an innovative platform through its exchange to launch their projects.
