Mara is a Pan-African crypto exchange dubbed the portal to Africa’s crypto economy. Mara dispels the myths around blockchain technology, especially in Africa. The CEO of the Mara Project is Chi Nnadi, and the Mara executive team is led by Lucas Llinás Mnera, Dearg OBartuin, and Kate Kallot. The team’s board advisors are Kojo Annan and Tatiana Koffman.
It is a platform for 1 billion Africans to study while accumulating digital riches via blockchain technology. Mara is a trailblazer of cryptocurrency in the region. It focuses on ease, simplicity, and education to provide the possibilities of this new space.
Mara has not yet launched an official trading platform. Mara will be launched in Kenya, Nigeria, and other neighboring African countries for the initial phase. It, however, has a website where you can find their plans to roll out their exchange and educative blogs on crypto. According to a report by ScamAdviser about the website, it scores 74/100, which is not bad for a crypto platform in its initial stages.
Objectives and Mission statement
Mara’s goal is to provide a decentralized alternative that reaches beyond tribes, classes, cultures, and countries, allowing for a more equitable capital allocation. Their goal is for people in Sub-Saharan Africa to close the opportunity gap and develop a financial infrastructure to build their lives.
The debut of Mara comes at a pivotal juncture in Sub-Saharan Africa. Currency devaluation has occurred across the region due to political and economic instability, while the current centralized banking system continues to obstruct the development of both local businesses and individuals. As a result, food costs have doubled or quadrupled in specific locations, and interest rates have reached new highs. These outdated mechanisms have necessitated the development of a decentralized replacement.
Products and services
Mara services and products are poised to make cryptocurrency accessible and beneficial for everyone by leveraging the deep-rooted power of decentralized blockchain technology. They want to pave a new and sustainable route for current and future generations to take control of their economic destiny. The Mara suite of products covers a wide range of critical crypto-finance requirements while adhering to local legislation and is explicitly designed for the African market. The following are some of the featured Mara’s products upon its launch:
- Mara Wallet is a cryptocurrency brokerage app that provides a user-friendly, streamlined experience. Users can quickly buy, send, sell, and withdraw fiat and crypto assets, and they don’t need any prior crypto understanding. The Mara wallet app will be available for download on both the App Store and Google Play.
- Crypto-Exchange – It is a full-featured crypto marketplace aimed toward seasoned investors. It will provide a full range of trading options and technical analysis tools.
- Mara Chain – It is a layer-1 blockchain and Alchemy-like platform allowing developers to build decentralized applications (dApps) in Africa, powered by the native Mara coin. Then, in Q1 2023, Mara plans to offer a pro-exchange for sophisticated traders who use technical analysis and prefer a broad range of trading alternatives to Mara’s retail app’s standard exchange options.
Partnership and investors
Mara recently received $23 million in funding from different sponsors from the cryptocurrency world looking to open up the untapped African digital economy.
Some of the investors in the Mara project include:
- Coinbase Ventures
- FTX subsidiary Alameda Research
- Distributed Global, TQ Ventures
- Seychelles-based cryptocurrency exchange, Huobi
- DAO Jones, sponsored by celebrities Mike Shinoda and Steve Aoki
- One hundred other crypto investors, including Amit Bhatia and Hamad Al-Hoimaizi.
Mara has also partnered with the Central African Republic, which just enacted legislation making Bitcoin legal tender. Mara will become the Central African Republic’s official crypto partner and an advisor to the President on crypto strategy and planning as part of this agreement.
The Mara launch – Important timelines
The company plans to launch in Kenya and Nigeria, where it is located, in July this year. Its main product is crypto-brokerage software, allowing consumers to buy, send, sell, and withdraw fiat and crypto-assets. Mara maintains that consumers don’t need any prior crypto knowledge to use this retail software. Local options like VALR and Yellow Card, supported by Coinbase Ventures, are abounding in Africa. However, the Web3 revolutionary subsequent goods may make it stand out.
In Q4 this year, it will launch the Mara Chain, a layer-1 blockchain and Alchemy-Esque platform powered by the native Mara token. Then sometime in Q1 2023, Mara intends to launch a pro-exchange for sophisticated traders that utilize technical analysis and prefer a complete set of trading options to the traditional exchange options on Mara’s retail app.
Security and regulations support
Mara intends to educate governments and support KYC and AML best practices as a legalized exchange. The partnership with CAR (Central African Republic) is a major step that will ensure the platform becomes a reality. It entails assisting the government in establishing a national ID campaign and implementing KYC (Know Your Customer) and AML (Anti-Money Laundering) compliances in conjunction with crypto education and financial literacy. Therefore, Mara presents itself as a regulated exchange for safe investing and trading digital assets.
Customer care and Social media
Customer service at Mara is not advanced to handle complex trading issues. The only notable resemblance of the same is an email subscription where you can get first-hand information on updates and launch timelines. Despite its establishment in mid-2021, Mara has gained many followers on their various social media platforms. According to IcoHolder, Mara has constantly increased activity and interactions on its social platforms, indicating an interest in the project and trust among African regions. These platforms include Reddit, Telegram, Twitter, Facebook, and LinkedIn.
Mara lacks vital information used to evaluate the fundamental crypto exchange requirements. The information presented in this piece is gathered from scarce resources but validated to provide the best advice. Credible information for the project is best accessed from their website about subsequent roll-out plans and timelines.