Nigeria’s Wicrypt closes $1.5m funding to scale

Nigeria’s Wicrypt closes $1.5m funding to scale

Nigerian Blockchain-based Wi-Fi sharing startup Wicrypt has announced closing a strategic $1.5m funding. The round, led by AU21 Capital, is expected to help the Enugu-based enterprise expand into new countries.

Polygon founder 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.

Wicrypt was founded in 2018 as the first peer-to-peer mobile internet sharing network on the African continent. The startup decentralizes mobile internet sharing; monetizing network sharing 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 by purchasing 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.

WiCrypt-connected devices are represented by unique NFTs (Non-Fungible Tokens) linked to the Blockchain. Data points transmitted through the devices are all represented on the blockchian through the NFTs in real-time on the WiCrypt block explorer.

Speaking about the funding, Aronu Ugochukwu, 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.”

Sandeep Nailwal, founder of Polygon also speaking said: “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”.