Momint, a South African Web3 and Crypto startup, has introduced its closure as a result of rising working prices, restricted person development and a difficult monetary setting.
Based in 2021, it was acknowledged because the nation’s first NFT market to help native forex buying and selling, attracting consideration for its vital NFT gross sales. The corporate raised $2.1 million in seed funding shortly after its launch. Because the NFT market developed, Momint shifted its focus to tokenized real-world belongings, launching SunCash in 2023 in collaboration with Solar Change. The platform allowed customers to put money into photo voltaic vitality tasks, offering 12% annual income at USDC. By mid-2024, Momint had processed over 400,000 transactions, attracting over 53,000 customers and driving a market quantity of practically $2 million. Regardless of these outcomes, the corporate struggled with liquidity points, regulatory challenges, and restricted development past its preliminary person base, which finally led to its closure.
