South African Crypto Startup Momint Shuts Down

South African Web3 and crypto startup Momint, once seen as a pioneer in the country’s NFT and tokenized asset space, has officially announced it is closing down. The company cited rising operational costs, limited user growth beyond its initial base, and a tough funding environment as the main reasons for the shutdown.

Founded in 2021, Momint gained early attention as South Africa’s first NFT marketplace to support local currency transactions. It quickly drew headlines with major NFT sales, including digital assets linked to rugby star Bryan Habana and Nelson Mandela’s historic arrest warrant, which sold for over $130,000. Within weeks of launching, Momint secured $2.1 million in seed funding.

As the NFT landscape shifted, Momint redirected its focus to tokenized real-world assets. In 2023, it introduced SunCash in partnership with Sun Exchange. The platform allowed users to crowdfund solar energy projects by purchasing fractionalized solar cells, which powered schools and community centers in South Africa. Investors earned a 12% annual return in USDC, demonstrating blockchain’s potential in sustainable energy financing.

Momint also sought to connect crypto with everyday financial life. A collaboration with 1Voucher enabled users to convert USDC and ETH into vouchers redeemable at over 10,000 merchants, including local supermarkets and international service providers. This helped expand digital asset accessibility, particularly for people without formal banking options.

By mid-2024, Momint had processed over 400,000 transactions, attracted more than 53,000 users, and facilitated nearly $2 million in marketplace volume. It also received a $50,000 grant from the DFINITY Internet Computer Protocol Hub to support blockchain-based asset tracking.

Despite these achievements, Momint faced persistent liquidity issues, regulatory hurdles, and struggled to grow beyond its early crypto community.