{"id":211720,"date":"2024-08-21T08:49:25","date_gmt":"2024-08-21T08:49:25","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/08\/21\/african-startup-secures-50000-grant-from-swiss-foundation\/"},"modified":"2024-08-21T08:49:25","modified_gmt":"2024-08-21T08:49:25","slug":"african-startup-secures-50000-grant-from-swiss-foundation","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/08\/21\/african-startup-secures-50000-grant-from-swiss-foundation\/","title":{"rendered":"African startup secures $50,000 grant from Swiss foundation"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/image-prod.iol.co.za\/16x9\/800?source=https:\/\/xlibris.public.prod.oc.inl.infomaker.io:8443\/opencontent\/objects\/c7f687ee-0e26-5645-a801-0185682f6f39&amp;operation=CROP&amp;offset=0x13&amp;resize=277x156\" class=\"type:primaryImage\"\/><\/p>\n<p>Momint, a leading Web3 platform based in South Africa, has been awarded a $50,000 grant by the DFINITY Foundation. <\/p>\n<p>This Swiss non-profit organization is renowned for operating the world\u2019s largest blockchain research and development team. <\/p>\n<p>The grant was facilitated through the Internet Computer Protocol (ICP) Hub of Southern Africa, known as Mzansi Web3 (MW3), which is supported by DFINITY.<\/p>\n<p>The funding will enable Momint to integrate the ICP blockchain into its operations, a strategic move aimed at reinforcing its global expansion efforts. <\/p>\n<p>This development positions the startup to enhance its competitive edge in the international digital economy, fostering both growth and market share expansion.<\/p>\n<p>MW3 was established to provide Southern Africa with a gateway to decentralized technologies, promoting the growth of Web3 and blockchain innovation. <\/p>\n<p>Its mission is to build a thriving Web3 ecosystem that empowers developers, transforms industries, and supports blockchain-powered startups through education, mentorship, accelerator programs, and a global grants program.<\/p>\n<p>Shaheer Karrim, co-founder and chief executive of MW3, emphasized the impact of ICP\u2019s innovation on the South African startup scene. <\/p>\n<p>\u201cMomint, as Africa\u2019s leading Web3 startup, leveraging our blockchain protocol to tokenize real-world assets is a compelling case study. <\/p>\n<p>\u201cTheir integration into the ICP ecosystem will grant them access to a wealth of resources, including technical support and venture capital, which will accelerate their growth and reinforce their role in transforming key sectors of the South African economy through blockchain technology.\u201d<\/p>\n<p>Emilio Canessa, Head of Global Adoptions at the DFINITY Foundation, echoed Karrim\u2019s optimism. <\/p>\n<p>\u201cThe tokenization of real-world assets is pivotal in shaping future digital economies, particularly in Africa. <\/p>\n<p>\u201cThe unique technological features of ICP will offer Momint a substantial advantage, and we look forward to supporting more projects in the region.\u201d<\/p>\n<p>ICP\u2019s technology provides several benefits that align with Momint\u2019s goals. Ahren Posthumus, chief executive and founder of Momint, highlighted these advantages.<\/p>\n<p>\u201cICP\u2019s secure consensus mechanism and low gas fees have facilitated swift and cost-effective blockchain transactions for us. <\/p>\n<p>\u201cThis has notably increased the rate at which we can sell tokenized solar certificates, enhancing our efforts to democratize solar investments in South Africa.<\/p>\n<p>\u201cAdditionally, ICP\u2019s blockchain offers us a direct data stream from our solar panel smart meters, ensuring an incorruptible record of energy generation and asset condition.\u201d<\/p>\n<p>MW3\u2019s services extend beyond Momint, offering hundreds of businesses in South Africa a more economical blockchain solution. <\/p>\n<p>\u201cThe difference in transaction fees is significant. ICP\u2019s blockchain fees are considerably lower than those of Bitcoin or Ethereum, making it an attractive platform for businesses interested in blockchain technology. <\/p>\n<p>\u201cThis affordability has the potential to boost foreign direct investment in South Africa,\u201d Posthumus added.<\/p>\n<p>MW3 is dedicated to unlocking the full potential of Web3 technologies through education. <\/p>\n<p>\u201cWe provide high-quality resources, workshops, and training to equip South African developers with essential skills for the blockchain space. <\/p>\n<p>\u201cOur goal is to make decentralized technologies more accessible and inspire others to join the Web3 movement,\u201d Karrim stated.<\/p>\n<p>The MW3 ecosystem also supports local startups with dedicated accelerator programs, mentorship, and resources to help bring Web3 projects to fruition.<\/p>\n<p>Momint has reported impressive traction in their Solar Investment Product for Q2 2024, with 1,770 payouts totaling $7,500 to solar certificate holders, reflecting a 12%+ annual return on investments. <\/p>\n<p>The company is also pursuing a CASP (Crypto Asset Service Provider) license and exploring the launch of an eZAR (digital Rand) to facilitate seamless crypto-to-account withdrawals and everyday spending.<\/p>\n<p>Both MW3 and Momint invite interested parties to engage with them to broaden the adoption and applications of Web3 technology in local markets.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Momint, a leading Web3 platform based in South Africa, has been awarded a $50,000 grant by the DFINITY Foundation. This Swiss non-profit organization is renowned for operating the world\u2019s largest blockchain research and development team. The grant was facilitated through the Internet Computer Protocol (ICP) Hub of Southern Africa, known as Mzansi Web3 (MW3), which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-211720","post","type-post","status-publish","format-standard","category-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>African startup secures $50,000 grant from Swiss foundation - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/08\/21\/african-startup-secures-50000-grant-from-swiss-foundation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African startup secures $50,000 grant from Swiss foundation - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Momint, a leading Web3 platform based in South Africa, has been awarded a $50,000 grant by the DFINITY Foundation. 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