A new cryptocurrency wallet supported by companies like Coinbase Ventures and Alameda Research is about to onboard about 2 million users in Nigeria and Kenya.
The creation of a bitcoin wallet for registered users in Nigeria is the first step towards the launch of Mara, a project to create a digital financial ecosystem.
Beginning on October 27, a portion of the waitlist will be onboarded through an invitation-only process before individuals from Kenya and Ghana are added.
Heavyweights in the cryptocurrency sector have backed the initiative, which secured $23 million in a round of funding led by Coinbase Ventures, Alameda Research, Huobi, and a number of other investors and venture capitalists.
Through its app, the Mara wallet will provide cryptocurrency brokerage services, enabling users to purchase, transmit, sell, and withdraw both fiat money and cryptocurrency.
Additionally, the app will give users access to learning materials on managing personal finances and cryptocurrency.
The Mara Foundation, a nonprofit organization designed to advance blockchain and economic development in Africa, will debut concurrently with the wallet.
To promote the use of stablecoins, the foundation is also working with Circle, the creator of USD Coin USDC ($1.00), and Euro Coin (EUROC).
The project also emphasizes blockchain and Web3 development, with Mara seeking to educate 1 million engineers across Africa.
A hackathon called “Hack the Mara,” which sought to develop payment alternatives to aid Kenya’s Maasai people and increase the financial viability of conservation efforts was a first attempt to further this goal.
The Maasai Mara is a sizable ecological and animal preservation region in Kenya that will gain from the programs designed to support developers and payment options in East Africa.
Out of 24 local developers, three successful teams received a share of $100,000 in prizes and admission to a business accelerator program to advance their product development.
The organization will also launch a learning community with free instructional materials in several languages on financial literacy, cryptocurrencies, Web3, and blockchain education. With their certificates, Mara Academy graduates will be able to instruct and guide other program participants.
Additionally, the project plans to introduce Mara Chain, a proprietary layer-1 blockchain technology that can be used to run decentralized applications. Before the year 2022 is gone, the blockchain platform is expected to debut.
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