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New crypto wallet Mara to launch in Nigeria and Kenya

— Mara crypto exchange is coming to residents of Kenya and Nigeria at the end of 2022.
— The platform plans to offer crypto brokerage, trading, exchange, and education services.

Mara is the latest cryptocurrency platform making an entrance into the African scene, starting with Kenya and Nigeria. The company has received investments from Coinbase Ventures, Hong-Kong-based private equity firm Alameda Research, and Huobi, a Seychelles-based crypto exchange.

The company is headquartered in Kenya and Crunchbase says it has raised $23 million in total.

CEO of FTX crypto exchange Sam Bankman-Fried founded Mara as a digital financial ecosystem project. Its target is to acquire two million users for a start with some basic offerings like crypto brokerage as well as trading. Additionally, users will be able to send and receive digital assets.

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There is an educational aspect to the platform that provides resources aimed at improving crypto literacy and personal finance management in more than one language. The company claims to be working with the authorities and regulators in the two countries to offer services within the confines of local laws. Mara Foundation plans to launch Mara Chain, a layer-solution to host decentralised applications.

New crypto wallet Mara to launch in Nigeria and Kenya
Image Source: VentureBeat.

The company’s entrance into Nigeria comes at a time of increased interest in cryptocurrency. As Gadgets360 reported, Binance is working on establishing a special economic zone in the country powered by crypto.

Kenya is also popular for leading the rest in peer-to-peer cryptocurrency trading volume. Other reports estimate that the crypto market in countries like Nigeria, Kenya, Tanzania, and South Africa have grown to about $105.6 billion (or 1,200 percent) within one year.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.