Coinbase Teams Up With Alameda Research To Launch African Crypto Wallet Service
Two million users in Africa, especially Nigeria and Kenya, are about to onboard into a new crypto wallet service powered by Coinbase Ventures and Alameda Research.
The new project named Mara is a digital financial ecosystem project that will jumpstart its journey with the cryptocurrency wallet for users in Nigeria. Apparently, the project already built a waitlist before its launch.
Therefore, a portion of the waitlist will move onboard to the platform through an invite-only. Then, the following country on the waitlist to onboard the platform are Ghana and Kenya.
Furthermore, Mara is a crypto-based project backed by the industry heavyweights such as Alameda Research (FTX), Coinbase Ventures, Huobi, and many venture capitalists and investors. It raised $23 million in a fundraising round.
The Mara Wallet
Aside from offering crypto wallet services to Africans, Mara’s Wallet will also provide other cryptocurrency-related services through its app.
This service would allow users to buy, send, sell and withdraw crypto and fiat. Additionally, Mara Wallet will educate users focused on cryptocurrencies and personal finance management.
Alongside the launch of Mara Wallet is that of Mara Foundation — a non-profit whose purpose is to drive blockchain development and sustainability in Africa.
In addition, the foundation partnered with Circle, which issues USD Coin (USDC) and EURO Coin (EUROC) to drive the uptake of the stablecoins.
Mara will also be focusing on upping the number of Web3 and blockchain developers in Africa — it aims at training one million developers.
Mara is already making its first attempt to make its goal a reality through a hackathon named “Hack the Mara.”
The hackathon’s motive is to buy a payment solution for supporting Kenya’s Maasai communities and improving the financial sustainability of conservation projects.
Maasai Mara is one of Africa and Kenya’s most popular and essential wildlife conservation.
Those living around the area are also set to benefit from the initiative of Hack the Mara aimed at advancing developers and payment solutions in East Africa.
The hackathon will end with three winning teams out of 24 local developers who will walk away with a share of $100,000. They will also receive an entry into an accelerator program to continue their product development.
The Mara Foundation will educate the community about crypto Web3, blockchain, and financial literacy for free and in various languages.
Anyone who partakes in training will receive certifications enabling them to mentor others. One more aim of the Mara project is to launch a Layer-1 blockchain solution called Marachain, whose sole purpose is to run decentralized applications. This platform is likely to launch before 2022 ends.
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