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.

Nestcoin will leverage the fund to expand its global operations and invest in more products to accelerate crypto adoption and financial freedom for people in frontier markets.

Yele Bademosi, who previously founded Microtraction, Binance and Bundle, alongside Taiwo Orilogbon, co-founded Nestcoin with the goal to democratise access to economic opportunities presented by crypto and web3, making it simple and accessible to everyday people.

Last year, the company launched Breach, its media arm created to advance crypto education globally, and Metaverse Magna (MVM), a crypto gaming guild that helps users earn up to $1,000 per month. Nestcoin also has several other products in the pipeline, designed to provide compelling use cases for crypto.

MVM has had over 2,000 applications since its launch. However, only 400 gamers are currently live on the platform, a number the company is looking to increase to 1,000 before next quarter – for context, some of the largest guilds have a player size of around 2,000 to 3,000.

The $6.45 million in funding comes from a global group of investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Social Capital, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, and DeFi Alliance, among others.

“We are excited that our investors are backing this ambitious plan to create a future where billions of people in frontier markets have access to the opportunities that crypto brings. With this financing, we will continue to grow our diverse team, which already spans nine countries, expand our product offerings, and invest in more ventures aligned with our vision,” Bademosi said.

Nestcoin also hopes to introduce its DeFi projects by Q2 this year. In addition to that, the company will be exploring ways in which content creators on the platform can earn crypto while educating its 6,000 subscribers with structured learning paths.

The company’s pre-seed round is the second-largest in Africa and largest in Nigeria as well as sub-Saharan Africa right now and will be used to develop more products and improve existing ones.