Kotani Pay joins the Newmoon accelerator program
Kotani Pay is enabling mobile phone users with no bank accounts or internet connection access off-ramping services for their blockchain transactions. Currently, Kotani Pay use cases are gig work, cash transfer, remittance, crypto exchange cashout, and B2B lending. Despite helping thousands of people, mobile money poses a couple of challenges.
The withdrawal and deposit of cash into the system face the challenge of imbalance. Agents find themselves in a dilemma to either have a large amount of money in the system tied as float or make frequent trips to the bank to balance the deposit and withdrawal made.
2. Service outages
Clients may lack mobile services when the mobile money network experiences service outages. During this period, the agents are out of jobs until the service is operational again and the clients are inconvenienced when they most need the services.
3. Transaction cost
Transaction prices are mostly set by the mobile money service provider which can be on the high side for the clients. Users and agents who are the major contributor to its growth have no say in the governance and pricing and transaction cost due to its centralized nature.
4. Value distribution
Mobile money operators earn a big percentage of the profit made in the billion-dollar industry all while the agents receive a fraction of the transaction passing through them. As the local liquidity provider, they deserve a greater stake in the earnings.
Kotani Pay DAO
In response to these challenges is the Kotani Pay DeFi (Decentralized Finance) network, a decentralized mobile money service owned by Kotani Pay wallet users and agents. The Kotani Pay DeFi network comes with advantages such as low-cost transactions, 24/7 availability for users and agents, interoperability to different local payments, incentivization, and ownership to the users and savers.
Agents working in the Kotani Pay DeFi network earn governance tokens that enable them to approve any new markets in high demand i.e USD/cGLD. They will also in the future be able to perform more roles such as approve protocol changes needed for the growth of the network.
Kotani Pay and Newmoon Web3 accelerator program
To achieve this, Kotani Pay has joined the Newmoon accelerator program for Web3 creatives and innovators. Kotani Pay was selected to be among nine companies that are participating in the first cohort of the accelerator program.
The Dubai design district has launched its mentorship for startups entering Web3. that will support creators building on the art, fashion, metaverse, and e-commerce.
The Newmoon accelerator mission
The program is on a mission to rebuild the creative economy in 800 days and to supercharge founders and creatives to build startups with DAO (Decentralized Autonomous Organization) and NFT collections. Participants of the program will benefit from the technical expertise of mentors in the fields of fashion, crypto, growth, community, tech, and gaming. Newmoon is run by a network of insiders from the tech, crypto, and cultural sectors.
All applications to the program are put through a screening process by a selected panel and proceed to a possible remote interview. After every 6 weeks, it is expected that a new cohort will join, consisting of eight teams. The program is open to both technical and non-technical teams on a rolling basis.
Kotani Pay mentorship program to Web3
Community plays an important role in Web3 and that is why with the help of Web3 experts and pioneers, the Newmoon accelerator program is helping companies such as Kotani Pay venture into Web3 with the right skills and knowledge.
The accelerator program is mentoring the Kotani Pay team on building communities and marketing of the DAO product, the role of the metaverse, and the legalities in Web3 among other topics. The team is exposed to an interactive, inclusive, educational learning process.