The Beginning – How MulaStack Was Born

It was the last quarter of 2023, and I was still in the office around 6 PM. For context, I’m a software engineer at Verst Carbon, a climate tech startup, and at the time, I was also taking on a rotational role as a Product Manager.

Our CEO, Nyangena, walked in and sat next to me. He’s not your typical distant boss—we’ve always had a good friendship and worked closely together. Verst Carbon was a startup with a flat organizational structure, so our conversations were always open, especially when it came to topics we were both passionate about—blockchain. That evening, we started discussing something that went beyond work. It was an idea we both found fascinating: Bitcoin and its similarity to land ownership.

The Backstory: Bitcoin as Digital Land

We started reflecting on how people who bought land years ago at discounted prices are now millionaires. Why? Because land is a scarce resource—as the population grows, the demand for land increases, while the supply remains fixed. Those who acquired land early cashed in on the rising demand.

The conversation quickly pivoted to the digital age, where we believe this same pattern will repeat, but with digital assets. We asked ourselves, what if Bitcoin is the land of the digital era?

For those familiar with blockchain technology, Bitcoin isn’t just a cryptocurrency—it’s a breakthrough in how we think about and move value. Think about it: today, sending a message from Kenya to the UK takes seconds. If you want to make a phone call to someone across the world, it’s just as simple as opening WhatsApp or Zoom. But when it comes to sending money across borders, things slow down drastically.

Imagine transferring funds from Kenya to Iceland. It can take days, and if it’s over the weekend, it could take even longer. And that’s without mentioning the high fees you have to pay just to move your own money. These delays happen because the financial system relies on centralized institutions—multiple banks have to coordinate to move your funds across borders, which takes time and costs money. I even remember reading that in some cases, it’s cheaper to take a bus to Uganda and deliver the money in person than to pay the fees required for a cross-border transfer.

Why is it so hard to move money—the most important driver of economies—when it’s so easy to move information? This is the question Bitcoin was designed to solve. It allows us to transfer value directly between people, at any time, without the need for a central authority like a bank.

The Genesis Block: Bitcoin’s Mission

Bitcoin was created during the global financial crisis of 2008. In fact, the very first Bitcoin block (known as the genesis block) had an inscription: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This message pointed out the failures of the centralized financial system—the system we all rely on but one that’s prone to collapse and needs bailouts. Bitcoin was created to bypass these centralized failures, allowing people to transfer and store value without depending on banks or governments.

Why Bitcoin Matters Today

Now, over a decade later, Bitcoin has proven itself. Since it was first introduced in 2009, Bitcoin has consistently outperformed every other asset class—stocks, real estate, gold—you name it. In fact, Bitcoin is still a young asset, but today it has a market capitalization of over $1 trillion.

To give you a sense of how big that is: Bitcoin’s market cap is greater than the value of some of the world’s largest companies, including Facebook and Tesla. And yet, while companies may fail or lose relevance, Bitcoin’s core value proposition remains strong—it’s decentralized, secure, and scarce.

It’s often compared to gold because of its scarcity, but Bitcoin has advantages that gold doesn’t: it’s borderless, it’s easily divisible, and it can be transferred instantly, making it a truly modern store of value.

The Problem We Wanted to Solve

As Nyangena and I sat there discussing this, one thing became clear: Bitcoin is valuable, but it’s not easily accessible to most Africans. The process of acquiring Bitcoin is full of friction.

For example, if you wanted to buy Bitcoin, you’d likely have to go through a peer-to-peer (P2P) exchange like Binance, where you first purchase USDT (a stablecoin), then exchange that for Bitcoin on the platform’s spot market. Then, to convert your Bitcoin back to Kenyan shillings (KES), you’d have to repeat the whole process, going through P2P again.

The complexity of this process is a major barrier for everyday people. I’ve had friends who’ve had terrible experiences with P2P trading—scams, delays, and lost funds.

The Vision for MulaStack: Simplifying Bitcoin for Everyone

We asked ourselves a question: Could we create a platform that simplifies Bitcoin acquisition and usage in Africa? Could we build a platform that passes what we call the "grandma test"—meaning it’s so simple that even your grandma could use it without getting confused by all the tech jargon?

At the time, we both had significant portions of our money in crypto. But while the crypto space is exciting, it’s also full of risk. New tokens are launched every week, and while some are promising, many can lead to significant losses if you’re not careful. Bitcoin has stood the test of time—it’s the most trusted digital asset, with a proven track record.

And yet, for people unfamiliar with the technology, Bitcoin feels out of reach. MulaStack was born out of the desire to change that. We wanted to build a platform where people could easily buy, save, and transact in Bitcoin without worrying about the technical hurdles. Whether you're tech-savvy or not, you should be able to invest in Bitcoin confidently.

My Hackathon Journey

Our conversation that evening wasn’t the first time I’d tackled a tough problem. My passion for problem-solving grew from hackathons—fast-paced competitions where you have to ideate, build, and pitch solutions within tight deadlines. The first big hackathon I won was back in 2022, where my friends and I built Femcent, a crypto savings tool designed for chamas (group savings or what we call table banking).

That win put us on the map, and we were even featured by Strathmore University where we studied: Computer Science students win first Blockchain Gender Hackathon in Africa. We developed a framework for approaching hackathons that became our secret sauce for success. Years later, I found myself once again applying those skills—this time to MulaStack. Everything I learned about breaking down problems, identifying solutions, and creating value propositions fed directly into building this platform.

Key Takeaway

MulaStack started as a simple conversation between two people passionate about Bitcoin, but it became much more through execution. It’s not about having everything figured out from the beginning. It’s about evolving your idea, refining it, and being willing to take the steps necessary to bring it to life.

Next Up: Is Your Idea Worth Pursuing?

In the next post, we’ll dive deeper into validating your idea. How do you go from concept to something worth building? I’ll share the steps we took to test whether MulaStack was worth pursuing and give you the tools to validate your own ideas.