In recent years, people have noticed potential Africa has. Some economists say Africa will be the next economic hub and an investment destination. It was proven this week when Mara, an African cryptocurrency company, was able to raise millions of dollars from investors. This article will explain what Mara is, what it does, its plans, and the reason for the investment made to the company. Mara is a Pan-African Crypto exchange company. It means it will be the future for cryptocurrency operations in the continent. It offers services tailored to the market and is gearing up to overcome the hurdles of setting up its operations in the continent. This company is relatively new to the market and is set up to provide an innovative solution to the crypto market in the continent. One of the company’s most significant achievements is that the company is partnering up with the Central African Republic, one of the two countries in the world that have legalised cryptocurrency to be one of the currencies or assets legally allowed to be a tender for transactions.
Mara has partnered with the country to set up and ensure a smooth transition to Bitcoin as their primary currency. This move is shaping to be one of many African countries’ most meaningful economic activities. The organisation’s primary goal is to improve and lead Africa to a continent where cryptocurrency is mainstream. It is a good plan considering how political and economic instability in the continent has led to the devaluation of many African currencies. It’s the main reason why the Central African Republic decided to adopt cryptocurrency as one of their currency. The company has raised $23 million from several angel investors, mainly from various cryptocurrency companies and technological organisations who know the potential this move might make. Africa has already shown its potential in cryptocurrency by having countries topping the charts for the most P2P trades in the world. If they have a local exchange platform, this will improve the market and cryptocurrency adoption in the continent. Some of the angel investors involved in raising the $23 million for the company include; the first and the main contributor that led in the amount and motivated others to contribute was Coinbase.
The funniest thing is that Coinbase has one of the most significant shares of the crypto exchange market in Africa but is funding a local company that will be its competitor. It shows the relationship between cryptocurrency companies compared to their fields. The others in no particular order include Alameda Research, TQ Ventures, Distributed Global, DIGITAL, Nexo, Huobi, and Infinite Capital. Some of the impacts these developments might have may be shocking. Suppose Mara can transform the Central African Republic’s currency from their fiat currency to Bitcoin. In that case, they will have proven the benefits of decentralising their economy to the rest of the continent. Other countries struggling with devaluated economies might transform their economy into cryptocurrency, spearheaded by Mara.
