Momint, a South African Web3 and crypto startup, has announced its closure due to rising operational costs, limited user growth, and a challenging funding environment.
Founded in 2021, it was recognized as the country’s first NFT marketplace supporting local currency transactions and gained attention with significant NFT sales. The company raised $2.1 million in seed funding shortly after its launch. As the NFT market evolved, Momint shifted its focus to tokenized real-world assets, launching SunCash in 2023 in partnership with Sun Exchange. This platform allowed users to invest in solar energy projects, offering a 12% annual return in USDC. By mid-2024, Momint had processed over 400,000 transactions and attracted more than 53,000 users, facilitating nearly $2 million in marketplace volume. Despite these accomplishments, the company struggled with liquidity issues, regulatory challenges, and limited growth beyond its initial user base, ultimately leading to its shutdown.
Thanks for putting this up. It’s evidently done.
More articles like this would pretence of the blogosphere richer.