Mara Makes Ksh 2.6B in Crypto Deal with the Central African Republic
Mara, a Kenyan-based company has hit waves after raising a sum of ksh2.67 billion just a year after it launched its operations.
The firm was founded in April 2021, this Wednesday announced having raised the money through a seed round backed by over 20 companies investing in them.
Mara aimed at creating a portal through which cryptocurrency fans and traders in the African continent are enabled to trade across the African continent which will eventually boost the continent’s economy.
An announcement that comes shortly after the company revealed that it had partnered with the Central African Republic which recognizes bitcoin as a legal tender.
As stated in the agreement, Mara is to be an official crypto partner of the country playing the role of advising its president Faustin Archange Touadera in strategic crypto moves.
Some of the companies investing in Mara include; Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones, Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, and Nexo.
Chi Nnadi the company’s founder speaking to TechCrunch stated, “What we’re doing is we’re creating financial infrastructure for people to build their lives. And so it’s more than just being able to buy crypto; it’s about African engineers creating their (own) projects.”
Further added that they want to be the source for incubating talent and want to give a platform through the exchange to launch their projects.
Nnadi a graduate of Wharton School as well as the University of California, is currently serving as the company’s Chief Executive Officer.
Prior to founding the company, he worked in various firms among them Sustainability International, Sela Technologies, and The Boston Consulting Group.
Mara Crypto Company has so far faced expansion with up to 80 employees and has even launched its services in both Kenya and Nigeria.