Momint, a South African Web3 and Crypto startup, has announced its closure due to rising operating costs, limited user growth and a challenging financial environment.
Founded in 2021, it was recognized as the country’s first NFT marketplace to support local currency trading, attracting attention for its important NFT sales. The company raised $2.1 million in seed funding shortly after its launch. As the NFT market evolved, Momint shifted its focus to tokenized real-world assets, launching SunCash in 2023 in collaboration with Sun Exchange. The platform allowed users to invest in solar energy projects, providing 12% annual revenue at USDC. By mid-2024, Momint had processed over 400,000 transactions, attracting over 53,000 users and driving a market volume of nearly $2 million. Despite these results, the company struggled with liquidity issues, regulatory challenges, and limited growth beyond its initial user base, which ultimately led to its closure.