According to Andrew Shelby of Equithy, a new Cape Town-based startup is bringing about a major change to the cryptocurrency landscape in the country. South Africa has one of the highest crypto acceptance rates in the world, and that number seems to be increasing every day. But this particular startup is looking to change the way people will interact with cryptocurrencies.
Momint, a Web3 marketplace, has just released a wallet in collaboration with 1VOUCHER, which allows individuals to make payments with cryptocurrencies of their choice. While the wallet does not allow South Africans to make purchases directly with a cryptocurrency of their choice, they can use the 1VOUCHER as an intermediary.
They will instead buy vouchers, which will then allow them to make purchases that they want. Although it can seem tedious, the main selling point here is that the vouchers work with a variety of retail stores, both international and regional. Therefore, traders will have a lot more options for how to spend their cryptocurrencies.
From NFT Marketplace to Major Crypto Wallet
According to Equithy Senior Account Manager Andrew Shelby, Momint initially started out as an NFT marketplace that eventually started to branch out of its original position. So from a Web3 marketplace, the company diversified and joined the likes of CryptoQR by CryptoConvert. The CryptoQR service allowed individuals to make payments across 1,500 Pick N Pay stores in the country.
Momint takes this concept and extends it further than a single chain of markets. With 1VOUCHER’s connections throughout retail, users of the Momint wallet had as many as 10,000 regional outlets to use their vouchers at. These included clothing stores, restaurants, electronics stores, and even major telecommunications service providers like MTN and Vodacom.
Possibly the biggest advantage that this startup offers its users is the chance to buy vouchers for international retailers as well. As many as 5,000 international retailers are available with the diversified wallet, further incentivizing people to use the service to make purchases.
The Profound Effect on the Crypto Community
According to Andrew Shelby of Equithy, the release of this wallet will lead to a massive surge in popularity. The popularity of cryptocurrencies in the market is the direct result of young people and people who make frequent money transfers. The crypto market offers a unique opportunity to send money both faster and cheaper than most fiat currency alternatives currently available.
So with people now being able to make more transactions than they could before, it has a broader appeal. Even people who are used to fiat currencies can use the Momint wallet for more convenient purchases. The CEO, Ahren Posthumus, has stated that the company wants people to use this service to make day-to-day transactions. Along with making cryptocurrencies more useful, it will also bring the country one step closer to moving on from fiat currency to cryptocurrencies.
To conclude, Equithy Senior Account Manager Andrew Shelby’s investigation into the current state of the market shows that this service could completely change how most people interact with crypto and set a standard for transactions with DeFi worldwide.