Shiga News: Journey to Stellar Startup Camp
We are happy to announce that we’ve been accepted into the Stellar Community Fund(SCF) Startup Camp. The SCF Startup Camp is a 4-day virtual global boot camp for startups focusing on building on Stellar and/or Soroban. The camp allows startups to define problems, create solutions, and develop user-validated prototypes with support from the Stellar Development Foundation and the community.
Shiga anticipates gaining a thorough comprehension of the capabilities of Stellar through this program, as well as the competence to build on Stellar.
Our aim is to expand and enhance our association with Stellar and improve our capacity to obtain assistance as our Shiga network expands. This program will provide us access to knowledgeable advisors and teams and equip us with the technical knowledge to succeed.
Although this is our first accelerator, Shiga has been building actively in the Web3 ecosystem…
Our Journey So Far
Our journey began with FacilitateFX, a business that focused on providing solutions for Africans by partnering with offshore companies. This journey was crucial in helping us understand the market and how money flows within the continent. Also, the lockdown period enabled us to grasp blockchain technology and apply it to our previous challenges.
Our transition into the blockchain space has revealed the vast potential and opportunity to move away from centralised finance. It has been a challenging yet rewarding experience as we venture into the Africa Digital Asset space.
When we started our OTC desk, we identified inefficiencies and problems that we refined into scalable solutions by building Shiga. We believe that problems are opportunities for solutions. And we have learned that working on them directly in real-life situations is the most effective way to understand and solve them.
Why Entering the Stellar Program is a Win For Shiga
The pain point for our customers is the need for easy access to reliable and efficient alternative finance solutions, particularly in the African market. Right now in Africa, accessing decentralised finance (DeFi) solutions requires navigating multiple platforms and dealing with interoperability issues, which can be complex and time-consuming.
Traditional financial institutions do not cater to the needs of our predominantly African customer base, leaving them with limited options for financial services. Our goal is to provide users seamless access to curated DeFi solutions using a Web 3.0 Identity.
The ability to refine our existing product set with the support of Stellar is crucial in achieving these goals. Shiga wants to build on Sorban/Stellar because of its core functionalities, such as low fees and robust financial infrastructure.
With the Stellar network transactional capabilities, Shiga can access efficiency in micropayments globally via the blockchain.
Shiga’s goal is to enhance liquidity and efficiency, reducing fees for growth and scalability. Stellar’s anchor network is crucial in efficiently transferring value to multiple destinations with minimal loss.
Shiga aims to become an anchor building out SEP — 6 and SEP — 24 for its local markets. Additionally, Stellar’s crypto network for on/off ramps simplifies the complex process of launching fintech projects in various countries, especially with unique regulatory requirements.
These efficiencies and innovation will help Shiga be a foundational piece to drive DeFi adoption to Africans and the African diaspora through democratised service provisions.
Conclusion
It’s a famous saying in web3 to keep building, and we’ll continue to build strategically in the direction of our goals for the African continent.
