Some two million users from Nigeria and Kenya will join a new cryptocurrency wallet backed by the likes of Coinbase Ventures and Alameda Research.
Mara is a digital financial ecosystem project that kicks off with the launch of a cryptocurrency wallet for registered users in Nigeria. A portion of the waiting list will be added through an invitation process beginning October 27, followed by the addition of users in Kenya and Ghana.
The project is backed by cryptocurrency industry heavyweights, having raised $23 million in a funding round spearheaded by Coinbase Ventures, Alameda Research (FTX), Huobi, and several other investors and venture capitalists.
The Mara wallet will offer cryptocurrency brokerage services through its app, allowing users to buy, send, sell, and withdraw fiat money and cryptocurrency. The app will also provide access to educational resources focused on cryptocurrencies and personal finance management.
Along with the new wallet, the Mara Foundation is launched, a non-profit organization aimed at promoting the use of Blockchain technology and sustainable development in Africa. The Foundation has also partnered with USD Coin (USDC) and EURO Coin (EUROC) issuer Circle to drive the use of stablecoins.
Web 3.0 and blockchain development are also one of the project’s focuses, with Mara aiming to train one million developers on the continent. An early effort to further this goal was a hackathon dubbed “Hack the Mara,” aimed at creating payment solutions to support Kenya’s Maasai communities and improve the financial sustainability of conservation projects.
The Maasai Mara is a large wildlife conservation and ecological area in Kenya that will benefit from initiatives to encourage developers and payment solutions in East Africa. Three winning teams out of 24 local developers received a share of $100,000 in prize money, as well as entry into a startup acceleration program to further develop their products.
The foundation will also launch an educational community that will offer free resources on financial education, cryptocurrency, Web 3.0, and Blockchain technology in multiple languages. Mara Academy students will receive certifications that will enable them to teach and mentor other users of the program.
The project also intends to launch a proprietary layer 1 blockchain solution called Mara Chain, aimed at running decentralized applications. The blockchain platform will be launched before the end of 2022.
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