- Coinbase-backed MARA will advise on Bitcoin adoption infrastructure in Central African Republic.
- The company has recommended that the CAR government address the issues of Internet penetration and identification.
- The cryptocurrency infrastructure startup raised $23 million from a recent Coinbase-led fundraiser.
MARA, a Coinbase-backed cryptocurrency infrastructure company, will advise the President of the Central African Republic (ZAR) on Bitcoin adoption after recently declaring that it would make Bitcoin legal tender, according to a report by Bloomberg.
“MARA will become the official crypto partner of the Central African Republic and adviser to the President on crypto strategy and planning,” the company reportedly stated.
MARA has reportedly recommended that the government increase internet penetration and provide more citizens with national ID cards. According to data from DataReportal, only about 11% of Central African Republic’s five million people have access to the internet. This lack of connectivity creates additional hurdles for potential users looking to adopt Bitcoin
MARA Chief Executive Officer Chi Nnadi reportedly said, “These are the basic things they need to achieve,” referring to the need for connectivity and proper forms of identification.
Albert Mokpeme, spokesman for President Faustin-Archange Touadera, stated that CAR hopes using Bitcoin as the official currency will attract investors to the region. The African nation has long suffered from years of conflict and is trying to make drastic changes that will lead to economic growth.
CAR Finance Minister Herve Ndoba previously stated, “There is a common narrative that sub-Saharan Africa is often a step behind when it comes to adapting to new technologies,” Ndoba said. “This time we can actually say that our country is one step ahead.”
MARA recently raised $23 million in funding from companies including Coinbase, Alameda Research LLC, and Distributed Global LLC. The startup’s first product will be a digital wallet on Apple and Google Play stores, while also offering a desktop experience called MARA Pro Exchange.