Wicrypt, a Nigerian blockchain-based Wi-Fi sharing startup, has raised US$1.5 million in a strategic fundraising round to help it grow into new nations.
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, which was led by AU21 Capital.
Wicrypt is a decentralized mobile internet sharing and monetization network that allows anyone to earn money by sharing their Wi-Fi with others. Users can either download the Wicrypt software and deliver Wi-Fi from their mobile device or purchase a one-of-a-kind Wicrypt Hotspot Creator gadget.
In 2018, the startup launched in Africa, signing an exclusive agreement to supply internet service to the inhabitants of Enugu, Nigeria. It became profitable in 2020 after being bootstrapped by its founder, and it has now acquired US$1.5 million in investment to help it go even further.
“While we have established significant business ties in Africa, this money helps us to expand into new nations by strengthening our marketing efforts,” said Wicrypt CEO Ugochukwu Aronu.
“Wicrypt is providing last-mile internet to individuals all over the world who require it, while also leveraging the blockchain by requiring hosts to stake $WNT to join the Wicrypt Network.” This assures the network’s overall security and that hosts do not engage in malicious behavior while providing internet access to clients.”
Wicrypt is offering people the option to access the internet in locations where Wi-Fi can be highly expensive and unattainable for many people, according to Nailwal, who added that investing in a profitable company was unusual in the blockchain world.
“By empowering people to share their Wi-Fi and earn money, they’re creating a win-win situation for everyone,” he added. “This is especially true in remote areas where giant internet companies aren’t incentivized to provide coverage.”
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