The Mara Foundation Intends To Drive Blockchain development in Nigeria and Kenya
A non-profit body called the Mara Foundation intends to drive blockchain development in Africa. Euro Coin (EUROC) and Circle Pay, the issuer of the USD Coin stablecoin, has partnered with the foundation to drive uptake of the stablecoins.
The authorities of these areas are exploring ways to facilitate online payments for the Masai communities that thrive in around the tourist-favourite Masai Mara region in East Africa.
In its later stages, the Mara Foundation will initiate free educational community offering on financial literacy, cryptocurrency, Web3, and blockchain in more than one language.
Around the end of 2022, the project will launch a layer-solution called the Mara Chain, which is intended to run decentralised applications.
Binance crypto exchange is also coordinating with Nigeria to establish a special economic zone, powered by the crypto sector.
This crypto hub will make for the only such entity to exist in all of West Africa. This initiative is also being supported by the Nigeria Export Processing Zones Authority (NEPZA).
The crypto market in Nigeria, Kenya, Tanzania, and South Africa together saw a growth of 1,200 percent, reaching a market valuation of $105.6 billion (roughly Rs. 775 crores) in one year, a report by Chainalysis claimed in September last year.
Kenya, out of all the other African nations, is ranked first for peer-to-peer cryptocurrency trading volume and fifth worldwide for total cryptocurrency activity, as per research firm Triple-A.