South African Web3 marketplace, Momint, has secured a $50,000 grant from the DFINITY Foundation, a Swiss non-profit organization that has a focus on the research and development (R&D) of blockchain technology.
According to a statement, the grant was obtained through the Internet Computer Protocol (ICP) Hub of Southern Africa, also known as Mzansi Web3 (MW3), which is funded by DFinity.
Momint says it will use the grant to integrate the ICP blockchain to enhance its business operations. This move also aims to solidify Momint’s global expansion efforts, positioning the local startup to secure its market share in today’s highly competitive international digital economy.
With headquarters in Zurich, Switzerland, the DFinity Foundation is a non-profit with a network of global experts, including cryptographers, computer scientists, and specialists in distributed computing.
The organisation says it has the largest R&D operations in the blockchain industry, with many employees coming from IBM Research and Google. The foundation’s employees have published over 1,600 papers and registered 250+ patents, it says.
Momint offers consumers, as well as investors, a safe platform for owning and trading energy assets on the blockchain.
In February 2023, Momint partnered with Sun Exchange to launch SunCash, a solar-powered blockchain investment initiative in South Africa. According to Momint, individuals residing in the South African provinces of Limpopo, Western Cape, and Mpumalanga can buy solar cells which are a fundamental component of solar panels for as little as R150 ($8.33) through SunCash.
The flagship location for the installation of a solar photovoltaic system is Delmas High School in Mpumalanga. The solar cells for this project were completely sold out with a 20-year lease period with payouts taking place in $USDC and distributed every 3 months by Momint.
The project is being replicated at various other sites in the identified provinces.
Momint Partners with Sun Exchange to Launch SunCash – a Solar Power Blockchain Investment Initiative in South Africa 🇿🇦
The initiative operates on a crowdfunding framework that enables several investors to finance a single projecthttps://t.co/CTexdJIiUc @SunExchange @MomintNFT
— BitKE (@BitcoinKE) February 22, 2023
As of this writing, the Momint marketplace has a marketplace volume of $1.95 million worth of projects with over 53,000 users.
Some of the top completed solar projects include:
- Haga Haga Hotel solar installation – 1,781 assets
- Green Points News solar installation – 1,183 assets
- Brookwood solar installation – 175 assets
- Tafelsee solar installation – 510 assets
among others.
According to its CEO and Founder, Ahren Posthumus, ICP’s technology offers several advantages that make it well-suited for Momint’s real-world asset tracking applications, notably its product that allows individuals to invest in solar cells at low cost.
“Their secure consensus mechanism and low gas fees have enabled fast, affordable blockchain transactions for Momint. This has led to a notable uptick in the rate at which we are able to sell tokenised solar certificates, ultimately improving our efforts to democratise access to solar investments in South Africa today.
The ICP blockchain protocol also provides us with a direct stream of data from our smart meters on all solar panels, creating an incorruptible record of energy generation and asset degradation over time.”
Emilio Canessa, Head of Global Adoptions at the Dfinity Foundation, adds:
“The tokenisation of real-world assets will play a crucial role in defining the future digital economies, especially in Africa. The unique technological features of ICP will give Momint a huge advantage, and we also look forward to supporting many more projects in the region.”
In July 2023, Momint partnered with 1Voucher to enable retail crypto payments across over 10,000 merchants in South Africa via either Ethereum or USDC.
WATCH | South African 🇿🇦 Startup, Momint, Partners with 1Voucher to Enable Retail Crypto Payments Across Over 10,000 Merchants
The Momint app allows users to buy a voucher using either Ethereum ( $ETH ) or $USDC which can subsequently be utilized for transactions at over 10,000… pic.twitter.com/bxLIJ2TQNf
— BitKE (@BitcoinKE) July 27, 2023
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