WiCrypt Network, the first standalone blockchain-based WiFi sharing network from Africa, has announced the closing of $1.5 million in funding.
WiCrypt is the first mobile internet data sharing platform from Africa without the need for third-party integration.
Launched in 2018 as the first peer-to-peer mobile internet sharing network on the African continent, WiCrypt has also signed an exclusive partnership with the city of Enugu, Nigeria, to provide internet services to its citizens.
The startup is led by Aronu Ugochukwu, the CEO of Xend Finance, one of the leading DeFi platforms in Africa.
WiCrypt became profitable in 2020 having been bootstrapped since 2018.
The round was led by AU21 Capital with participation from Polygon Founder and COO, Sandeep Nailwal.
Speaking about the opportunity in internet connectivity in Africa, Sandeep said:
“Investing in an already-profitable company is rare in the blockchain space, but on top of that, WiCrypt is giving people the ability to access the internet in regions where WiFi can be very expensive and unattainable for many people.
By empowering people to share their WiFi 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.”
– Co-Founder / COO, Polygon
WiCrypt allows anyone to download their app and provide WiFi through their mobile device or via a custom-built WiCrypto hotspot creator device customizable to offer surveys, ads, and the ability to collect customer data.
WiCrypt-connected devices are represented by unique NFTs (Non-Fungible Tokens) linked to the blockchain. Data points trasmitted through the devices are all represented on the blockchian through the NFTs in real-time on the WiCrypt block explorer.
While WiCrypt hosts are paid by those accessing WiFi, Wicrypt also incentivizes hosts through its native token, $WNT, for having high device up-time.
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.”
Wicrypt is a decentralized mobile internet sharing and monetization network, allowing anyone to get paid for sharing their WiFi. Wicrypt is the first African company to build a peer-to-peer infrastructure for sharing mobile internet data without the need for third-party integration.
WiFi can be shared via Wicrypt’s custom, affordable Hotspot Creator or mobile devices, while providers can tailor unique experiences, including surveys and ads, while collecting customer data. An already profitable company, Wicrypt has an exclusive partnership with the city of Enugu, Nigeria, to provide last-mile internet service to its citizens.
Wicrypt has an international team with experience working for some of Africa’s largest employers, including KPMG, Chevron, Accenture, Nielsen, and MTN Group, and is headquartered in Enugu, Nigeria.