Wicrypt, a blockchain-based Wi-Fi sharing startup based in Nigeria, has closed a US$1.5 million investment round to enable it scale operations into other countries.
The round was piloted by AU21 Capital, while participants include participation from Sandeep Nailwal of Polygon, Outlier Ventures, Chain Capital, Inclusion Capital, Onega Ventures, Pluto Digital Assets, N7 Labs, PolkaFoundary, and Cardano.
Speaking on the partnership and what gives the startup an edge, Ugochukwu Aronu, CEO, Wicrypt, said, “While we have formed substantial business partnerships in Africa, this funding allows us to grow into new countries by increasing our marketing efforts,”
“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 hosts do not perform malicious actions while providing internet connections to clients.”
Launched in 2018, Wicrypt is a decentralized network that allows users to get paid for sharing their Wi-Fi.
All that needs to be done to access this service is to download the Wicrypt app and enable Wi-Fi through mobile device or purchase Wicrypt’s Hotspot Creator device.
With Wicrypt, Wi-Fi providers can customize customer experience (via surveys, ads, and customer data collection), through their dashboards.
Devices that are connected to Wicrypt are represented by unique Non-Fungible Tokens (NFTs) that are linked to the blockchain.
Wicrypt pays its hosts for having high device up-time through users that are accessing Wi-Fi and incentives via its native token $WNT.
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