MARA, which is supported by Coinbase, will advise on bitcoin adoption infrastructure in the Central African Republic.
The company has advised the government of CAR to address the concerns of internet penetration and identification.
In a recent fundraiser sponsored by Coinbase, the bitcoin infrastructure startup raised $23 million.
Following its recent decision to make bitcoin legal tender, MARA, a cryptocurrency infrastructure business supported by Coinbase, will advise the President of the Central African Republic (CAR) on Bitcoin adoption.
“MARA will become the Central African Republic’s official crypto partner, as well as an adviser to the president on crypto strategy and planning,” the business reportedly added.
According to MARA, the government should improve internet penetration and provide more residents with national IDs. According to DataReportal, just roughly 11% of CAR’s five million citizens have access to the internet. This absence of connectivity raises further barriers for would-be bitcoin users.
MARA’s CEO, Chi Nnadi, is quoted as saying, “Those are the core elements they need to accomplish,” alluding to the requirement for connectivity and adequate forms of identification.
CAR thinks that the introduction of bitcoin as an official currency will attract investors, according to Albert Mokpeme, spokesman for President Faustin-Archange Touadera. The African country has long suffered from years of conflict and is attempting to make major changes that will lead to economic prosperity.
Herve Ndoba, CAR Finance Minister, previously claimed “There is a prevalent narrative that Sub-Saharan African countries are frequently one step behind when it comes to adopting to new technology,” Ndoba explained. “We can genuinely declare that our country is one step ahead this time.”
MARA just received a $23 million investment from Coinbase, Alameda Research LLC, and Distributed Global LLC. The startup’s first product will be a digital wallet available on the Apple and Google Play stores, as well as a desktop experience dubbed the MARA Pro Exchange.