Local Web3 start-up Momint is planning global expansion, after securing a $50 000 (R900 000) grant from Dfinity Foundation.
The Swiss non-profit organisation is known for its focus on the research and development (R&D) of blockchain technology.
According to a statement, the grant was obtained through the Internet Computer Protocol (ICP) Hub of Southern Africa, also known as Mzansi Web3 (MW3), which is funded by Dfinity.
Momint says it will use the grant to integrate the ICP blockchain to enhance its business operations.
This strategic move aims to solidify the Web3 start-up’s global expansion efforts, positioning it to gain, retain and expand its market share in today’s highly-competitive international digital economy.
Headquartered in Zurich, the Dfinity Foundation is a non-profit with a network of global experts, including cryptographers, computer scientists and specialists in distributed computing.
The organisation says it has the largest R&D operations in the blockchain industry, with many employees coming from IBM Research and Google. The foundation’s employees have published over 1 600 papers and registered 250+ patents, it says.
Shaheer Karrim, co-founder and CEO of MW3, comments: “The innovation and opportunities presented by ICP in relation to the South African start-up scene is immense.
“The fact that Momint is using our blockchain protocol to tokenise their real-world assets offers a strong case study. Momint’s integration into the ICP ecosystem will give the company instant access to numerous resources, including technical support, venture capital and other implementation partners.
“These opportunities for rapid growth and acceleration will continue to enhance Momint’s status as a pioneering start-up, poised to play a significant role in redefining key sectors of the South African economy through the use of blockchain technology.”
MW3 was established as the ICP hub in Southern Africa, to offer the region a purposeful gateway to the world of decentralised technologies. It says it aims to catalyse the growth of Web3 and blockchain innovation in the region by building a thriving and inclusive Web3 ecosystem that transforms industries, empowers developers and fuels the next generation of blockchain-powered start-ups through education, mentorship, accelerator programmes and the global $200 million ICP grants programme.
Momint offers consumers, as well as investors, a safe platform for owning and trading energy assets on the blockchain.
Ahren Posthumus, CEO and founder of Momint, points out that ICP’s technology offers several advantages that make it well-suited for Momint's real-world asset tracking applications.
“Their secure consensus mechanism and low gas fees have enabled fast, affordable blockchain transactions for Momint. This has led to a notable uptick in the rate at which we are able to sell tokenised solar certificates, ultimately improving our efforts to democratise access to solar investments in South Africa today.
“The ICP blockchain protocol also provides us with a direct stream of data from our smart meters on all solar panels, creating an incorruptible record of energy generation and asset degradation over time.”
Emilio Canessa, head of global adoptions at the Dfinity Foundation, adds: “The tokenisation of real-world assets will play a crucial role in defining the future digital economies, especially in Africa. The unique technological features of ICP will give Momint a huge advantage, and we also look forward to supporting many more projects in the region.”
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