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Mara Wallet, not Accessible Since November After Pausing Wallet Service

By Oluchukwu Ikemefuna

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Mara is the creator of the cryptocurrency wallet, Mara Wallet. Mara breaks down the mystery of blockchain. The startup uses blockchain technology to create digital wealth while providing a learning environment for one billion Africans.

Mara

Chi Nnadi, Dearg OBartuin, and Lucas Llinás founded Mara in 2021. In 2022, the startup raised $23 million in equity and token sales from more than 100 investors, including Distributed Global, Alameda Research (FTX), and Coinbase Ventures.

Mara Wallet Not Accessible

Since November 2023, the crypto startup has not been accessible. In addition, the business advised customers to transfer their deposits to conventional bank accounts while the upgrade was being completed; however, they did not provide a deadline.

Mara claims that a recent UK regulation that was disclosed in an article is the reason for the halt. A list of businesses that the FCA claims may be “providing or promoting financial services or products in the UK without their permission” was linked to in the article. The startup and all of its known service providers are not on the list.

Mara did not elaborate on how its marketing was no longer in line with the nation’s most recent laws. Users in Nigeria and Kenya were the main target market for the wallet service, which enables users to quickly buy, sell, earn, withdraw, and safeguard assets—including cryptocurrencies like Bitcoin, Ethereum, and Mara Token—in real time.

What Mara Wallet Was All About

According to reports, the startup gives users the tools they need to become financially literate so they can maximize the wealth of opportunities present in the digital economy. They present the opportunities of this new world, emphasizing comfort, clarity, and knowledge.

They present the opportunities of this new world, emphasizing comfort, clarity, and knowledge. For referring friends, they give users Mara Tokens, which are tokens with a $1 value each. However, the users had expressed dissatisfaction over their inability to withdraw any of these tokens. This raises a number of concerns.

Mara tokens are useful for a number of things. They can be traded with other players or used as in-game money to buy virtual goods, access exclusive features, and more. In certain games, players can even receive rewards in Mara tokens for meeting objectives or reaching benchmarks.

There are a few things to think about when utilizing Mara tokens in games. One drawback is that not every game may take Mara tokens as in-game cash or a means of payment. Furthermore, there is a chance that the value of Mara tokens will change because of their potential volatility.

Users Not Able to Access Their Referral Earnings

Users were unable to withdraw their referral earnings even though the app showed the funds in the wallet when the crypto startup asked them to remove their deposits from the wallet in November 2023 because of the pause. Concerned that their marketing efforts have been in vain, some users have been waiting for almost a year to withdraw their referral earnings.

The CEO of Mara, Nnandi, stated, “Once the Mara Exchange is launched, all referral bonuses accumulated will be available.” Additionally, the business is developing a different pro-exchange for experienced traders.

Because the company fired members of its marketing team and other departments last year, users are agitated. Following the layoffs, the Mara Foundation closed Mara Academy, a cryptocurrency education platform it had established in collaboration with Circle, the company behind the well-known stablecoin USDC.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

Articles: 189

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