The rise of cryptocurrency in sub-Saharan Africa is noteworthy, particularly among the region’s young population. According to blockchain intelligence firm Chainalysis, the region saw a 1,200% increase in crypto usage last year, making it the third-fastest growing cryptocurrency market globally. Despite this surge, there are still significant obstacles hindering broader adoption.
One such startup addressing these challenges is MARA, a pan-African crypto exchange platform focused on expanding access to the crypto economy. MARA has successfully raised $23 million in a seed round, attracting high-profile investors such as Coinbase Ventures, Alameda Research (FTX), Distributed Global, and other crypto-focused VCs like TQ Ventures, Nexo, and Huobi Ventures.
MARA aims to simplify crypto usage in Africa through a range of products tailored to local needs. Its flagship offering is a consumer-facing crypto-brokerage app, which enables users to buy, sell, and withdraw both fiat and crypto assets. The platform is set to launch in Kenya and Nigeria, where the company has its headquarters, in the coming months. Unlike many other platforms, MARA claims its app is beginner-friendly, requiring no prior crypto experience to use.In addition to its app, MARA plans to launch a layer-1 blockchain, the MARA Chain, in Q4 of this year. This platform will allow developers to build decentralized applications (dApps) specifically for the African market. MARA’s roadmap also includes launching a professional exchange tailored to advanced traders by Q1 2023.
Co-founded by Chi Nnadi in 2021, MARA’s leadership team includes experts from major companies like Amazon, PayPal, and Uber. Nnadi’s background in community development through his previous nonprofit, Sustainability International, informed his vision for MARA. Through his experience with blockchain in Africa, Nnadi realized the need for infrastructure that would support crypto adoption, including wallets and exchanges, tailored to local contexts.
In a notable move, MARA has formed a partnership with the Central African Republic (CAR), which recently became the first African nation to adopt Bitcoin as legal tender. As part of the collaboration, MARA will act as an advisor to CAR’s president on crypto strategy and infrastructure development. This includes efforts to improve internet access, mobile phone penetration, and national identification systems, while also providing guidance on Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
MARA’s CEO envisions a future where more African governments adopt blockchain technology, even those with initial skepticism toward crypto. The company plans to continue advocating for crypto adoption by helping governments develop regulatory frameworks that allow the crypto industry to thrive.With a strong backing and an ambitious roadmap, MARA is positioned to play a significant role in shaping the future of cryptocurrency in Africa, possibly encouraging further government collaborations and regulatory shifts across the continent.
