South African Crypto Startup, Momint, Shuts Down Due to ‘Limited Capital and Market Shifts’

South African crypto startup, Momint, once hailed as a pioneering social media and NFT marketplace, is shutting down.

According to coverage on BitKE, Momint initially drew attention for helping African creators monetize digital content through NFTs.

The platform facilitated over 400,000 transactions, onboarded thousands of creators, and championed real-world utility for tokenized assets.

Here’s a clear summary of Momint’s key activities as documented by BitKE over the years:

1.) Launch & Growth Milestones

• May 2021 – Momint officially launched as South Africa’s first NFT marketplace supporting ZAR payments. Early successes included sales of high-profile NFTs like Bryan Habana’s rugby turntable for over $20,000. It raised roughly $2.1 million in seed funding within two weeks.

• By March 2022 – The platform enabled a historic NFT sale of Nelson Mandela’s arrest warrant for over $130,000—one of Africa’s most significant NFT transactions.

2.) Real‑World Asset & Energy Focus

• Feb 2023 – Partnered with Sun Exchange to launch SunCash, a solar crowdfunding initiative. Users could buy solar cells starting at ~~R150 (~~$8.33) to fund installations across Limpopo, Western Cape, and Mpumalanga. Investors received ~12% annual returns paid quarterly in USDC, with Delmas High School serving as the flagship site.
• July 2024 – Received a $50,000 grant from DFINITY’s ICP hub (Mzansi Web3), after reaching ~$1.95 million in marketplace volume and 53,000+ users. The grant supports Momint’s integration with ICP blockchain to improve real-world asset tracking, reduce transaction costs, and enable smart-meter data linking.

3.) Crypto Payments & Merchant Integration

• July 2023 – Integrated with 1Voucher to allow crypto-to-fiat conversion via vouchers. Users convert ETH or USDC into 1Voucher codes and spend them at over 10,000 South African merchants (e.g., Pick n Pay, Woolworths) as well as international retailers, restaurants, ride‑hailing, and travel services. The Momint wallet supports cheap cross-border transfers too.

Platform Stats (as of mid‑2024)

• 53,000+ user wallets
• Approximately $1.95 million in total marketplace volume

Despite these successes, Momint struggled with unsustainable operating costs and limited user growth beyond its early adopters. In its closure announcement, the team cited challenges with fundraising in the current market environment and shifting regulatory headwinds as key reasons for shutting down.

The shutdown underscores the volatility of Web3 ventures in Africa and the broader challenge of building sustainable platforms in a still-nascent ecosystem. While Momint helped prove that there is real creator demand for digital ownership, it also shows that scaling such products into profitable businesses remains tough.

Stay tuned to BitKE for developments into the South African crypto space.

Join our WhatsApp channel here.