TechPression

Tag: Web3

  • How Web3 transcends crypto to solve real-world problems – Vincent Li

    How Web3 transcends crypto to solve real-world problems – Vincent Li

    Web3 is transforming both global systems and local realities, enabling new ways to own, trade, and build trust through decentralised technologies. From tokenized real estate to inclusive digital finance, it is a tool for real-world change. 

    Vincent Li, a Founding Partner at Adaverse, is at the forefront of this shift. An investor, builder, and former NASDAQ-listed media entrepreneur, Li has backed over 60 Web3 startups across 13 countries, including 40 in Africa. In this interview with Techpression, he unpacks how Web3 is reshaping industries and why Africa is poised to lead its next evolution.

    What is Web3, and why does it matter?

    Web3 is fundamentally about creating a more decentralised internet where users have greater ownership and control. Having grown up with Web1 and started my career in Web2 as a product manager, I’ve witnessed the internet’s evolution firsthand. Web3 leverages blockchain technology to build trust and transparency into digital interactions, allowing for direct peer-to-peer transactions without intermediaries. It matters because it addresses many limitations of our current internet infrastructure, particularly in areas requiring trust, transparency, and user ownership.

    One of the most exciting parts of Web3 is how it’s bringing real-world asset tokenization onto the blockchain. What kind of impact is this having on industries globally?

    Real-world asset tokenization is revolutionising how we represent, transfer, and manage value. It’s essentially bringing physical assets onto the blockchain, making them more accessible, divisible, and liquid. In Saudi Arabia, for example, we’re seeing promising applications in sectors like real estate and finance. 

    Read Also: Bridging gaps and driving innovation: Highlights from Tech Unite Africa 2025

    At Adaverse, we’ve invested in companies like House Africa, which is transforming land registration in Nigeria by implementing Web3 technology, moving directly from paper records to digital on-chain verification. This demonstrates how tokenization can solve real problems like property verification and ownership disputes.

    We often hear about blockchain and crypto, but what are some real, tangible use cases of Web3 you’ve seen so far?

    Beyond cryptocurrencies, we’re seeing meaningful applications across multiple sectors. In the Middle East, we recently invested in Takadao, which uses blockchain to provide secure and efficient halal insurance and financial services globally. Another example is Grintafy, a sports tech company we’re supporting in its Web3 transformation to enhance user experiences through blockchain technology. These companies are solving tangible problems rather than simply riding the blockchain hype.

    There’s a lot of noise in the Web3 space. In your view, how can we tell the difference between projects that are truly innovative and those that are hyped? 

    I believe the key is focusing on solutions that address real-world problems. At Adaverse, we prioritise founders who leverage blockchain and Web3 technologies to tackle genuine challenges. It’s important to distinguish between blockchain technology with its problem-solving applications and potential misuses like cryptocurrency speculation. As Chris Dixon explains perfectly, it’s the difference between “the computer and the casino.” The most promising projects are those creating actual utility rather than just speculative value.

    Let’s shift to Africa now. There’s so much potential here. How can Web3 really make a difference for unbanked and underbanked communities across the continent?

    Africa presents unique leapfrogging opportunities, similar to how the continent bypassed laptops for widespread smartphone adoption. Web3 can provide financial services to those excluded from traditional banking through digital wallets, microloans, and peer-to-peer transactions. For example, Mithu App addresses challenges in the loyalty program market, where customers struggle to manage multiple programs, leading to billions in expired points annually. Similarly, UmrahCash simplifies currency exchange and money transfers for migrant workers and religious visitors, providing a secure and transparent platform that bypasses costly informal networks.

    You’ve backed over 40 African Web3 startups. Can you share some success stories of African startups integrating Web3?

    House Africa stands out as a prime example, revolutionising land registration in Nigeria by implementing Web3 technology. They’re moving directly from paper records to digital on-chain verification, solving the persistent problem of land disputes and ownership verification. Through Adaverse, we’ve invested in approximately 40 African Web3 startups across the continent, many of which are creating innovative solutions in sectors like finance, agriculture, and identity verification. These startups are demonstrating how blockchain can address uniquely African challenges.

    But even with all this innovation, digital literacy and internet access remain a challenge. How are you and your team helping address this gap? 

    This remains a significant challenge, but we’re tackling it through education, community building, and strategic investments.

    In the past, we made many efforts as Adaverse – we launched Startup School, a program designed for African entrepreneurs, featuring weekly educational webinars led by industry experts. We also created the BuildUp Africa podcast to spotlight innovative Web3 solutions and bridge the knowledge gap for young entrepreneurs. 

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    Eventually we decided it was more strategic to focus our resources on venture building, so we paused the podcasts, for example; however, our commitment to education remains strong. Today, we actively support dozens of startups in growing their communities and are investors in  Nodo a key player driving digital education forward.

    Bridging this gap requires a collective effort, and we’re dedicated to playing our part in shaping a more inclusive digital future.

    Looking ahead, what’s your vision for Africa if it fully embraces Web3 in the next few years?

    I envision Africa becoming a global leader in practical Web3 applications. The continent has already demonstrated its ability to leapfrog outdated technologies, and I believe we’ll see similar patterns with Web3 adoption. In the next three to five years, I anticipate significant progress in mass adoption of Web3 technologies across finance, payments, retail, and entertainment. With the right support and regulatory frameworks, Africa could develop unique blockchain-based solutions that address its specific challenges while creating new economic opportunities.

  • Sweat Economy receives patent in Nigeria

    Sweat Economy receives patent in Nigeria

    Sweat Economy, a well-known Web3 ecosystem, has declared that it has received a patent in Nigeria for its movement verification system and methodology. 

    The company disclosed to media that, apart from the Nigerian license, it is also pursuing patent applications in Europe.

    Move-to-earn (M2E) initiatives usually give users incentives in the form of their native tokens for using and strolling through their platforms. 

    One of the well-known projects in this sector is the Sweat Economy. The Sweatcoin app, their movement verification system, verifies users’ steps. Then, using the NEAR Protocol blockchain, their decentralized mobile application Sweat Wallet is used to mint $SWEAT tokens.

    Sweat Wallet allows users to grow their earnings with the Growth Jar feature, earn more tokens with Learn & Earn, play Sweat Hero, an NFT game, and enter prize draws in the Rewards feature. 

    Being one of the most popular move-to-earn projects among Nigerians, the company says it is honoured to be recognised by the Nigerian authorities. 

    Nigeria is among the first countries in the world to recognise the worth and ingenuity of the Sweat Economy movement validation algorithm, according to Oleg Fomenko, co-founder and CEO of Sweat Economy, who spoke with reporters. 

    “As we develop the Movement Economy, where your physical activity has tangible value, it will foster greater trust and respect from the rest of the world.” We have created an exact and energy-saving method to eliminate attempts to trick, hack, or manipulate the system. This adds value to genuine physical activity. Let’s encourage more excellent physical activity everywhere on Earth. As a team!” –Oleg Fomenko, Sweat Economy CEO.

    Read also: African Web3 Startup HoneyCoin Joins MYKOBO in Europe

    Significance of the patent approval

    As per the statement sent to the media, Sweat Economy’s inability to develop dependable movement verification algorithms was a source of doubt for many users and partners, which led to the filing of the patent application.

    Sweat Economy decided to establish credibility by making its patent application available to everyone. Furthermore, the approval now demonstrates that:

    “Over the past nine years, Sweatcoin has established a robust proprietary expertise in the domain of movement validation.”

    Sweat Economy says the company has invested heavily in ensuring they have the most precise movement validation algorithm and systems that do not eat users’ phone battery and minimise energy consumption by servers to make the world more physically active without negatively affecting the planet.

    What this implies for people in Nigeria and around the world 

    Sweat Economy anticipates this patent will boost user confidence throughout Africa, not just in Nigeria.

    The company’s ability to file patent applications in Europe and other nations will be facilitated by this patent approval, which will improve its standing as a leading brand in the fitness and health sector. 

    “We want to tokenise physical activity and establish the movement economy. Achieving our goal is one step closer to patent approval.

  • Adaverse joins Bitmama Web3’s pre-seed round

    Adaverse joins Bitmama Web3’s pre-seed round

    Adaverse, a joint accelerator programme founded by EMURGO Africa and Everest Ventures Group, has successfully participated in a pre-seed round to assist Bitmama‘s aim of harnessing blockchain and other frontier technologies. The aim of this is to remove cross-border payment barriers in Africa.

    Adaverse was able to participate in the round thanks to the assistance of Everest Ventures Group.

    Bitmama is a Web3 payment platform that uses bitcoins to improve financial transactions in Africa. Ruth Iselema, a Nigerian female entrepreneur, is spearheading the drive to expedite cross-border payments using Bitmama.

    In Africa, traditional payment channels have long been plagued by issues such as unreliability, excessive processing fees, remittance delays, and a lack of transparency. These issues have been present for a long time.

    International financial transactions, in particular, have proven onerous due to the requirement to convert local currencies into dollars and then back into the recipient’s local currency.

    The introduction of Web3 solutions opens up new possibilities for Africa’s rapidly developing economy.

    This is true despite the fact that individual African countries have implemented varying policies regarding cryptocurrency.

    “We are thrilled to support Bitmama and are committed to providing advice and mentorship support to help them stay ahead of the curve in the fast growing Web3 business,” stated Vincent Li, Adaverse’s founding partner.

    “We are delighted to help Bitmama and are committed to offering advising and mentorship assistance.”

    Read also: Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    The Need Bitmama Meets 

    Bitmama was established in 2016 by Ruth Iselema for the sole purpose of simplifying the process of buying and selling cryptocurrencies for anyone anywhere on the African continent. The project began as a WhatsApp community for peer-to-peer cryptocurrency transactions and has since developed into a Web3 platform with a full suite of products. 

    These products include a multi-coin digital wallet, peer-to-peer crypto trading, wallet-to-wallet global transfers, remittances with stablecoins, direct currency conversion, on-ramp and off-ramp transactions for traders, asset staking features, and its most iconic crypto debit cards.

    The recent dollar/FX shortages encountered in major African markets and currency devaluation have led to an increased demand for cash to facilitate global purchases, and businesses are looking for alternative payment options for cloud services and digital infrastructure. 

    Bitmama is notable for continuously developing to discuss the pain points of its users, and one of these is the recent dollar/FX shortages encountered in major African markets. 

    As a reaction, Bitmama came up with the idea of crypto cards as a solution to address these difficulties. Crypto cards give customers the ability to store and spend their cryptocurrency in the same manner as a conventional debit card.

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    Changera: Innovative Crypto debit cards offered by Bitmama

    Alongside the multi-coin cryptocurrency wallet, Bitmama recently introduced Changera to power cross-border payment services and facilitate the use of virtual and physical cryptocurrency debit cards globally with a monthly spending limit of over $10,000. Changera will also enable the use of crypto debit cards. Bitmama is the first company in Africa to issue cryptocurrency debit cards that are backed by stablecoins. 

    The company combines blockchain payments with lifestyle products to appeal to customers who prefer straightforward user interfaces and less crypto jargon. In countries like Nigeria, where laws prohibit the use of naira cards for international transactions and where existing Web2 payment platforms don’t provide a suitable alternative, the cards have proven to be particularly useful. 

    In Nigeria, the regulations prohibit the use of naira cards for international transactions. As a consequence of this, Bitmama’s cutting-edge innovation has brought about the much-required respite across international borders.

    Changera crypto debit cards have seen amazing success, recording rapid growth from 30,000 to over 100,000 users across Nigeria, Ghana, Kenya, and the diaspora in general. 

    The amount of transactions has also been increasing by more than 100% month-on-month, which demonstrates the appeal of the product despite the fact that there has been very little marketing of it. Crypto debit cards have successfully democratised the use cases of cryptocurrency by allowing users to make day-to-day purchases online using stablecoins. 

    This has advanced blockchain adoption in markets that have been hesitant to adopt the technology. Companies like Bitmama, which are seeking to ease transactions deserve all the assistance available.

  • Hyperspace Technologies announces Keymaster VAULT

    Hyperspace Technologies announces Keymaster VAULT

    Hyperspace technologies, a Web3 firm headquartered in Lagos, has announced the release of its product, the keymaster Vault. Hyperspace is a pioneer in the creation of intelligent security infrastructure and key management solutions.

    Keymaster VAULT is a secure NFC-based hardware wallet that stores private keys in the cloud.

    It provides a cost-effective and user-friendly alternative to traditional hardware wallets, which are both pricey and inconvenient.

    Keymaster VAULT was created to meet the demands of the African market.

    The Keymaster VAULT enables consumers to safely access their digital assets by simply tapping their NFC-enabled devices, utilising the convenience of use provided by Near Field Communication (NFC) technology.

    As a result, the wallet does not require any complicated installation steps, making it an excellent choice for users with varying levels of cryptocurrency expertise.

    The wallet avoids a large chunk of the susceptibility to hacking and infections inherent in online key storage by storing private keys locally rather than online.

    Read also: Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    The Motive of Hyperspace Technologies

    According to Chidera Anyanebechi, General Manager of Hyperspace Technologies, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.” “We wanted to create a wallet that combines the highest level of security with ease of use,”

    Anyanebechi explained that “The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry.” 

    The cutting-edge encryption technology utilised in the Keymaster VAULT offers consumers the highest level of protection for their digital valuables. Individuals and companies who want to save their digital assets safely without breaking the budget or dealing with complicated settings will find that this product’s compact size and portability make it an ideal option to consider.

    What is Web3?

    Individuals frequently claim that Web3 is a collection of collaborative, open-source, decentralised applications that run on blockchain computing architecture.

    It is distinct from the Metaverse, another open-source virtual reality setting. Web1 was the name of the internet from roughly 1990 to 2004.

    Users of the internet could only read it, and it served as a source of information.

    In essence, it enabled everyone to access genuine newspapers via a global network. The current internet operating system, known as Web2, allows users to engage with websites.

    Nowadays, the internet does more than just display data. Users can now add information to other people’s web pages, and it can vary based on what a reader desires.

    The read/write system of the Internet was replaced by a read-only system with Web2. Also, Web2 businesses have the flexibility to modify the restrictions at any moment or just ban users who don’t agree with them.

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    Web2 businesses make changes to their websites to maintain user engagement. To put it another way, they are designed to pique your interest.

    Sadly, this calls for providing people with the material they are most likely to read, such as clickbait titles that irritate or make people feel as though they are missing out on something.

    The effects of a steady stream of offensive material on mental health are now frequently studied, and extensive social media use is associated with anxiety, depression, and low self-esteem.

    Decentralized applications, or dapps, are managed by teams of individuals rather than by a single corporation.

    A CEO, management, or board of directors do not make decisions.

    Instead, decisions are made by a group of token-owning individuals.

    Also, decisions are made publicly and are recorded on a blockchain so that everyone can view them. This eliminates the need for secret meetings. Think about what would happen if Google and Facebook had to obtain user consent before conducting any transaction.

    The majority of people undoubtedly don’t agree with how much information is gathered, how many people are banned, or how much offensive content is fed.

    Because Web3 is so centralised, it conceptually addresses many of Web2’s issues.

    The internet got more entertaining and interesting when Web2 took the place of Web1.

    It also provided internet businesses with a fresh revenue stream.  That model didn’t have issues until after it had been in use for some time. Even though Web2 firms like Facebook and Google appear to offer free services, they actually profit off the data of their users, which is harmful to privacy.

    Businesses have gained billions of dollars from advertising by packaging this data for use by marketers in creating targeted marketing campaigns.

    Google earns more than 80% of its revenue from advertisements.

    By learning what consumers like, dislike, and are interested in, advertisers may get their marketing materials in front of the people who are most likely to purchase their goods or services.

    Yet, not all data collection methods are moral or even lawful.

    Facebook was penalised $5 billion by the Federal Trade Commission for violating user privacy laws. 

    While Web3 is predicated on the concepts of decentralisation and privacy, one may convincingly argue that it is not a panacea for every issue with the internet as it currently exists.

    Web3 is not as decentralised as some people believe, for starters. When it comes to Web3 advancement, businesses like Hyperspace Technologies have Africa covered.

  • African Startup League aims to empower Africans with $1 million prize

    African Startup League aims to empower Africans with $1 million prize

    For the fiscal year 2023, the African Startup League (ASL) competition has been formed to provide funding for emerging innovation startups in Africa.

    Tanzanian startup businesses have the chance to win funding for capacity building, marketing, and growth through competition. Organizational sponsors of the African Startup League (ASL) include Adnanian Labs, Humanity Nodes Protocol, and Web3Africa.

    Speaking in a news release issued by the Africa Startup League (ASL) tournament at the end of the week in Dar es Salaam, Mr Aly Ramji said: “By building startup capacity across the continent, digital transformation will serve as the bedrock to create a productive and sustainable workforce, support development of an income generating environment and help to build a thriving economy across the continent.”

    To support this, Mr Ramji claimed that the Africa Startup League (ASL) had revealed the 2023 innovation challenge, which would start on February 8 and put young businesspeople from around the continent against one another for a $1 million (USD) financial prize.

    The first pan-African social network and Web3 integrated platform’s co-founder, Mr Ramji, stated, “…the continent-wide contest is open for innovators, entrepreneurs, micro-enterprises and early-stage start-ups to attain access to finance, as well as the much-needed expertise required to scale businesses.”

    Read also: I4G HACKFEST 2022 to empower African techies

    The competition’s judges are chosen from a variety of professions across Africa, and they will select the top startups based on factors including innovation and their potential to impact wider African communities.

    The competition will allow entrepreneurs and innovators to display their cutting-edge goods for six months. The top 100 entrepreneurs will be vying for 99 awards of $10,000 each and a grand prize of $1 million.

    The initiative’s aim

    The initiative aims to establish a form of matchmaker that would enable companies to obtain the initial seed money, mentoring, and training they need to scale their enterprises.

    At the same time, one of the main objectives is for Africans to see the opportunities that lie ahead of them and to engage in competition that can result in the development of solutions to urgent problems in African communities.

    “Rather than being left to fend for themselves, Africa’s tech startups would benefit from networks that connect founders, tech hubs, universities, and government bodies to assist in the identification of business opportunities, the overcoming of skill shortages, and the attraction of the required talent,” he summed up.

    Young entrepreneurs in Africa have the chance to showcase their abilities and inventions through the Africa Startup League, which also helps them develop more effective strategies for overcoming the issues facing their continent and growing the scope and viability of their businesses.

    For more than 1.3 billion people, Africa’s reliance on innovation will be the key to economic prosperity. Fintech is the sector with the highest growth in East Africa, according to reports.

    “Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200 companies. Just under half of these are fintechs” reads the McKinsey report.

    The analysis predicts that by 2025, the financial services business in Africa will generate around $230 billion in sales and expand at a rate of about 10% annually.

    “Overall, we anticipate that the growth opportunity in fintech is likely to be concentrated in 11 key markets: Tanzania, Cameroon, Côte d’Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, and Uganda, which together account for 70 percent of Africa’s GDP and half of its population,” reads the report.

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    About the African Startup League

    The African Startup League is an innovative platform that links business owners with strategists, artists, engineers, communities, and money to design, develop, and launch exponential organizations that aim to enhance human life and change the course of tomorrow’s world.

  • Circle and Mara team up to increase Africa’s Web3 capacity

    Circle and Mara team up to increase Africa’s Web3 capacity

    The Mara Foundation has officially announced its partnership with Circle Internet Financial. Circle Internet Financial is the issuer of USD Coin (USDC) and Euro Coin (EUROC).

    Circle Internet Financial is a global digital financial technology firm that is the issuer of USD Coin (USDC) and Euro Coin. The Mara Foundation is a non-profit organization that is dedicated to empowering youth, communities, marginalized populations, and problem solvers to build solutions that drive long-term positive social, economic, and environmental change in Africa.

    The primary objective of the cooperation is to facilitate the provision of crucial opportunities, tools, and access essential for developing decentralized applications (DApps) and blockchain-based solutions in Africa. Through a strategic partnership that is the first of its kind, Circle and Mara hope to positively impact Africa’s growing population of one billion people over the next five years. Through this partnership, Circle and Mara want to make more people aware of USDC, push for more people to use blockchain technology, and train one million developers.

    Read also: The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

    Mara Foundation and Circle will engage African Web3 developers

    As part of this partnership, the Mara Foundation and Circle will co-host a developer roadshow in Kenya and Nigeria in October. This event aims to engage with African web3 developers, introduce Circle to the local technology communities, raise awareness about the Mara Foundation and Circle partnership, and discuss what this means for the African continent’s Blockchain/Web 3 ecosystem. In addition, the Mara Foundation and Circle will collaborate to host joint developer masterclasses and workshops, establish campus ambassador programs, and carry out a number of other initiatives all around Africa.

    Sandra Persing, Vice President of Developer Relations and Ecosystem Marketing at Circle, stated that the company was highly impressed by the Mara Foundation’s “deep-rooted interest in empowering Africans’ dreams and creating more digital financial inclusion across Africa.” “In our conversations with Mara Foundation, we were highly impressed by their deep-rooted interest in creating more digital financial inclusion across Africa.” “We are proud to partner with Mara Foundation, a front-runner and key player in the digital finance ecosystem, and provide opportunities to developers in Africa that will enhance their technical skills and innovations using a trusted digital dollar like USDC,” the company said in a statement. “USDC is the trusted digital dollar.”

    Chi Nnadi, co-founder and Chief Executive Officer of Mara, made the following statement while speaking about the partnership: “Africa is essential to us at Mara, and we are invested in leading a movement that redefines Africa’s digital banking ecosystem.”

    Through our philanthropic foundation, we are dedicated to turning aspirations into realities and assisting people of African descent all around the world in gaining knowledge of blockchain technology and financial literacy. Our partnership with Circle strengthens this commitment, which lets us keep taking advantage of the many opportunities that blockchain technology and USDC offer to young people in Africa.

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    Mara Foundation provides tools for growth in Web3

    The Mara Foundation gives African software engineers the tools they need to leap from Web 2.0 to Web3 while guaranteeing that no one falls behind. Several African developer teams participated in the recently concluded ‘Hack the Mara’ competition, which the Mara Foundation organized. As part of this competition, the teams used Circle’s technology to build technical breakthroughs and solutions focused on making financial services more inclusive, efficient, and scalable. The competition was won by the team that developed a solution that allowed a mobile phone to be used as a credit card.

    When it comes to people’s understanding of and willingness to use Web3, we have arrived at a pivotal juncture in Africa. “There are also a billion individuals eager to learn more about financial resilience and opportunities to improve their futures,” said Kate Kallot, co-founder and Chief Impact Officer at Mara. “This is why we are super excited to partner with Circle as we share a developer-first mindset that will empower these developers to transform Africa’s social and economic future,” said Kallot. “While millions of developers are interested in building the future of Africa on blockchain technology, there are also a billion individuals eager to learn more about financial resilience and opportunities.”

    Chi Nnadi, co-founder and CEO of Mara, and Kate Kallot, also a co-founder of Mara and the company’s Chief Impact Officer, will be at Circle’s ecosystem conference, Converge22, to talk about a variety of topics, such as the impact of blockchain infrastructure and the use of Web3.