Coinbase-backed Pan-African Crypto Exchange Mara Launches

Pan-African crypto exchange MARA has launch today.

MARA also raised $23 million in a round led by Coinbase Ventures, Alameda Research, (FTX) and Distributed Global.

The exchange also announced that it has struck a deal to become the official crypto partner of the Central African Republic (CAR).

Last month, CAR became the second country in the world to adopt Bitcoin as legal tender.

As part of the partnership, the platform said, it will act as an advisor to President Faustin Archange Touadéra on crypto strategy.

MARA will target consumers, experienced traders, and developers with a suite of products that it says are built specifically for an African audience.

Executives of the platform say the platform will become Africa’s portal to the crypto economy, at a time when economic instability in the region has heightened demand for a decentralized alternative.

Brokerage app MARA Wallet will initially launch in Kenya and Nigeria, offering users the ability to buy, sell, send, and withdraw crypto.

It is unclear how MARA will operate in Nigeria given the country has prohibited crypto transactions within the banking sector.

For more experienced traders, MARA will also launch a pro exchange with a range of trading options and technical analysis tools.