Nigerian Blockchain-Based Wi-Fi Sharing Startup Secures $1.5 Million In Funding
Nov. 9, 2021, 12:04 p.m.
Wicrypt, a Nigerian Blockchain-based Wi-Fi sharing startup, has secured $1.5 million in funding to help it expand into new countries.
AU21 Capital led the round with Polygon founder Sandeep Nailwal, Cardano’s Occam, Inclusion Capital, Outlier Ventures, Chain Capital, Pluto Digital Assets, Onega Ventures, N7 Labs, and PolkaFoundary.
Founded in 2018, Wicrypt launched in Africa and signed an exclusive partnership with Enugu, a capital in Nigeria, to provide internet service to its citizens. Wicrypt is a decentralized mobile internet sharing and monetization network that allows anyone to get paid for sharing their Wi-Fi.
Users download the Wicrypt app and provide Wi-Fi through their mobile device or purchase a unique, custom-built Wicrypt Hotspot Creator device. Wi-Fi providers can customize their customer experience through their Wicrypt dashboard by offering surveys, ads, and collecting customer data.
“While we have formed substantial business partnerships in Africa, this funding allows us to grow into new countries by increasing our marketing efforts,” said Ugochukwu Aronu, chief executive officer (CEO) of Wicrypt.
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“Wicrypt is providing last-mile internet to people of the world who need it while leveraging the blockchain by having hosts stake $WNT to become a part of the Wicrypt Network. This ensures overall security of the network and that host do not perform malicious actions while providing internet connections to clients.”
Nailwal said investing in an already-profitable company was rare in the blockchain space. Still, on top of that, Wicrypt is giving people the ability to access the internet in regions where Wi-Fi can be very expensive and unattainable for many people.
“By empowering people to share their Wi-Fi and make money, they are making this a win-win situation for all involved, particularly in remote regions where large internet companies are not incentivized to provide coverage,” he said.
tag: Funding, technology, Startup,
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