Momint, a leading Web3 platform based in South Africa, has been awarded a $50,000 grant by the DFINITY Foundation.
This Swiss non-profit organization is renowned for operating the world’s largest blockchain research and development team.
The grant was facilitated through the Internet Computer Protocol (ICP) Hub of Southern Africa, known as Mzansi Web3 (MW3), which is supported by DFINITY.
The funding will enable Momint to integrate the ICP blockchain into its operations, a strategic move aimed at reinforcing its global expansion efforts.
This development positions the startup to enhance its competitive edge in the international digital economy, fostering both growth and market share expansion.
MW3 was established to provide Southern Africa with a gateway to decentralized technologies, promoting the growth of Web3 and blockchain innovation.
Its mission is to build a thriving Web3 ecosystem that empowers developers, transforms industries, and supports blockchain-powered startups through education, mentorship, accelerator programs, and a global grants program.
Shaheer Karrim, co-founder and chief executive of MW3, emphasized the impact of ICP’s innovation on the South African startup scene.
“Momint, as Africa’s leading Web3 startup, leveraging our blockchain protocol to tokenize real-world assets is a compelling case study.
“Their integration into the ICP ecosystem will grant them access to a wealth of resources, including technical support and venture capital, which will accelerate their growth and reinforce their role in transforming key sectors of the South African economy through blockchain technology.”
Emilio Canessa, Head of Global Adoptions at the DFINITY Foundation, echoed Karrim’s optimism.
“The tokenization of real-world assets is pivotal in shaping future digital economies, particularly in Africa.
“The unique technological features of ICP will offer Momint a substantial advantage, and we look forward to supporting more projects in the region.”
ICP’s technology provides several benefits that align with Momint’s goals. Ahren Posthumus, chief executive and founder of Momint, highlighted these advantages.
“ICP’s secure consensus mechanism and low gas fees have facilitated swift and cost-effective blockchain transactions for us.
“This has notably increased the rate at which we can sell tokenized solar certificates, enhancing our efforts to democratize solar investments in South Africa.
“Additionally, ICP’s blockchain offers us a direct data stream from our solar panel smart meters, ensuring an incorruptible record of energy generation and asset condition.”
MW3’s services extend beyond Momint, offering hundreds of businesses in South Africa a more economical blockchain solution.
“The difference in transaction fees is significant. ICP’s blockchain fees are considerably lower than those of Bitcoin or Ethereum, making it an attractive platform for businesses interested in blockchain technology.
“This affordability has the potential to boost foreign direct investment in South Africa,” Posthumus added.
MW3 is dedicated to unlocking the full potential of Web3 technologies through education.
“We provide high-quality resources, workshops, and training to equip South African developers with essential skills for the blockchain space.
“Our goal is to make decentralized technologies more accessible and inspire others to join the Web3 movement,” Karrim stated.
The MW3 ecosystem also supports local startups with dedicated accelerator programs, mentorship, and resources to help bring Web3 projects to fruition.
Momint has reported impressive traction in their Solar Investment Product for Q2 2024, with 1,770 payouts totaling $7,500 to solar certificate holders, reflecting a 12%+ annual return on investments.
The company is also pursuing a CASP (Crypto Asset Service Provider) license and exploring the launch of an eZAR (digital Rand) to facilitate seamless crypto-to-account withdrawals and everyday spending.
Both MW3 and Momint invite interested parties to engage with them to broaden the adoption and applications of Web3 technology in local markets.