GoChapaa, the Kenya-based blockchain payments startup founded in 2021, has collapsed – bringing an abrupt end to a firm that once positioned itself as a leader in Africa’s emerging crypto economy.
The company was founded by Sam Kim, a South Korean social venture capitalist and partner at Sukuma Ventures. The company positioned itself as a “mobile-first” blockchain solution designed for everyday transactions, enabling users to buy, store, and transfer cryptocurrencies with low minimum deposits starting from as little as KES 200.
However, by late 2025, signs of financial distress had begun to emerge. The company’s native token, GXP, launched at a value of $0.00123 in October 2025, but rapidly lost value and ceased trading entirely by December of the same year. The token’s collapse significantly undermined confidence in the broader ecosystem and limited the platform’s ability to sustain operations.
The downturn culminated in the company ceasing core operations earlier this year. Former employees have since raised concerns over unpaid salaries, with reports indicating that staff have escalated claims to Kenya’s Ministry of Labour in pursuit of compensation. The situation has further intensified scrutiny around potential malpractice within early stage blockchain ventures in Africa.
The collapse marks a dramatic fall for a startup that once sought to redefine digital finance in Africa. Instead, GoChapaa leaves behind a trail of financial losses, labour, disputes and a reminder that ambitious technology alone cannot compensate for weak execution and unsustainable business models.
Part 1/4: Full Investigation To Follow
