Coinbase Ventures Backed Startup to Build Pan-African Crypto Exchange With $23 Million Capital Raise

African startup Mara recently said it has raised about $23 million in funding from organizations ranging from Coinbase Ventures to individual angel investors such as Amit Bhatia and Hamad Alhoimaisi. Mara has also partnered with the Central African Republic (CAR) and will act as an advisor to the country’s president.

Enhancing Africa’s Competitiveness

Africa-focused cryptocurrency startup Mara has raised $23 million in funding to create a so-called pan-African cryptocurrency exchange, according to a report. Coinbase Ventures, Alameda Research, Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures and Infinite Capital participated in the capital raising.

According to a Venture Beat report, the funding round also attracted angel investors such as Amit Bhatia and Hamad Alhoymayzi. In addition, about 100 crypto-investors are reported to have participated in the round.

A decentralized alternative (which would include but not be limited to finance, art, property, infrastructure, and business in general) would give sub-Saharan Africans an alternative to these pesky systems. With this digital financial system–through this freedom–the region will find itself in a much stronger competitive position with other parts of the world.

Mara will advise the president of the CAR

According to a Venture Beat report, Mara will initially launch in Kenya, Nigeria and surrounding regions. Meanwhile, the report reports that Mara has partnered with the Central African Republic (CAR). As part of this partnership, Mara will become the country’s official cryptocurrency partner. Mara will also act as an advisor to the president of the CAR on issues such as cryptocurrency strategy and planning.

As Bitcoin.com News previously reported, the CAR became the first African country to adopt bitcoin as a base currency after the country’s legislature voted on a cryptocurrency bill in late April.

Nevertheless, many organizations, including the International Monetary Fund (IMF), have questioned the CAR’s decision to adopt bitcoin. Others have pointed to the country’s lagging telecommunications infrastructure as evidence that the African state may not be ready to accept the cryptocurrency.

Image Credits: Shutterstock, Pixabay, Wiki Commons