Wicrypt, a Nigerian blockchain-based Wi-Fi sharing firm, has raised US $1.5 million in a strategic round of investment to help it grow into other markets.
Wicrypt is a decentralised mobile internet sharing and monetisation network that lets anybody earn money by sharing their Wi-Fi. Users can either use their mobile device to deliver Wi-Fi or purchase unique, custom-built Wicrypt Hotspot Creator equipment.
Wi-Fi providers may personalise their customers’ experiences using the Wicrypt dashboard, which includes surveys, adverts, and data collection. Wicrypt-enabled devices are all represented by one-of-a-kind NFTs linked to the blockchain. While users using WiFi pay Wicrypt hosts, Wicrypt also rewards hosts with its native coin, $WNT, for having good device uptime.
In 2018, the firm began in Africa, signing an exclusive agreement to supply internet access to the inhabitants of Enugu, Nigeria. It became profitable in 2020 after being bootstrapped by its creator, and it has now acquired US $1.5 million in investment to help it go even further.
Polygon creator Sandeep Nailwal, Cardano’s Occam, Inclusion Capital, Outlier Ventures, Chain Capital, Pluto Digital Assets, Onega Ventures, N7 Labs, and PolkaFoundary all participated in the round, which was headed by AU21 Capital.
“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.
“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.”
Wicrypt is offering individuals the option to access the internet in locations where Wi-Fi may be highly expensive and unachievable for many people, according to Nailwal, who added that investing in a profitable firm was unusual in the blockchain world.
“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 incentivised to provide coverage,” he said.
