Coinbase Launches African Crypto Wallet With Alameda Research

Coinbase Launches African Crypto Wallet With Alameda Research

A new cryptocurrency wallet service that is being powered by Coinbase Ventures and Alameda Research is about to onboard two million customers in Africa, primarily in the countries of Nigeria and Kenya.


The new venture, which goes by the name Mara and is a digital financial ecosystem project, will get its voyage off to a running start by providing consumers in Nigeria with cryptocurrency wallets. It would appear that a waitlist had already been compiled prior to the debut of the initiative.

As a result, some of the people on the waitlist will be invited to join the platform, making the platform invite-only. Ghana and Kenya are the next countries on the list to be included to the site, and both of these nations are next on the queue.

In addition, Mara is a blockchain-based initiative that is supported by industry heavyweights such as Alameda Research (FTX), Coinbase Ventures, and Huobi, in addition to a large number of venture capitalists and investors. During one of its fundraising rounds, it brought in $23 million.

This is the Mara Wallet.

Through its mobile app, Mara's Wallet will not only be able to provide bitcoin wallet services to Africans, but also a variety of other services relating to cryptocurrencies.

Users of this service would be able to buy, send, sell, and withdraw fiat currency and cryptocurrencies. In addition, users of the Mara Wallet will receive education centered on cryptocurrency and the administration of personal finances.

The establishment of the Mara Foundation, a charitable organization whose mission is to promote the growth of blockchain technology and ensure its long-term viability in Africa, occurred simultaneously with the introduction of the Mara Wallet.

In addition, in order to encourage more people to use stablecoins, the foundation formed a partnership with Circle, which is the creator of the USD Coin (USDC) and the EURO Coin (EUROC).

Additionally, Mara will be concentrating its efforts on increasing the number of Web3 and blockchain developers in Africa; the company has set a goal of educating one million software engineers.

By hosting a hackathon with the catchy moniker "Hack the Mara," Mara is already taking the initial steps toward making its vision a reality.

The goal of the hackathon is to raise enough money to purchase a payment system that will help improve the financial sustainability of conservation projects and benefit the Maasai communities in Kenya.

The Maasai Mara is widely regarded as one of the most important and well-known wildlife reserves in Kenya and all of Africa.

Residents of the surrounding area are also slated to benefit from the Hack the Mara program, which is targeted at expanding developer tools and payment solutions in East African countries.

After the conclusion of the hackathon, there will be three winning teams selected from the pool of twenty-four local developers. These teams will each receive a portion of the $100,000 prize pool. They will also be given the opportunity to participate in a program designed to accelerate the development of their product.

The Mara Foundation will provide the community with free education in a variety of languages on topics including cryptography, blockchain technology, and basic financial literacy.

Everyone who takes part in the program will be awarded qualifications that will allow them to act as a mentor to others. In addition to this, one of the goals of the Mara project is to introduce a Layer-1 blockchain solution that will be known as Marachain and will only be used to operate decentralized applications. There is a good chance that this platform will go live before the year 2022 is over.

Ojike Stella

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