Africa’s First Blockchain-Based WiFi Sharing Network WiCrypt Closes Strategic $1.5 Million In Funding
Led By AU21 Capital, With Participation From Polygon Founder Sandeep Nailwal, Cardano’s Occam, Inclusion Capital, And Outlier Ventures, Wicrypt Is The First Mobile Internet Data Sharing Platform From Africa Without Need For Third-Party Integration
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NOVEMBER 8, 2021, Enugu, Nigeria — Wicrypt Network, the first standalone blockchain-based WiFi sharing network from Africa, today announced the closing of $1.5 million in funding. The round is being led by AU21 Capital, with participation from Polygon founder Sandeep Nailwal, Cardano’s Occam, Inclusion Capital, Outlier Ventures, Chain Capital, Pluto Digital Assets, Onega Ventures, N7 Labs, and PolkaFoundary.
Wicrypt launched in Africa in 2018 as the first peer-to-peer mobile internet sharing network on the continent, before signing an exclusive partnership with the city of Enugu, Nigeria to provide internet service to its citizens. The company was bootstrapped by its founder, before becoming profitable in 2020.
“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,” said Sandeep Nailwal, Co-founder and COO of Polygon.
“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.”
Wicrypt allows anyone to download their app and provide WiFi through their mobile device or by purchasing a unique, custom-built Wicrypt Hotspot Creator device. WiFi providers can customize their customer experience through their Wicrypt dashboard, by offering surveys, ads, and collecting customer data.
Wicrypt-connected devices are all represented by unique NFTs (Non-Fungible Tokens) that are linked to the blockchain. Data points transmitted through the devices are all represented on the blockchain 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.
“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, 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 hosts do not perform malicious actions while providing internet connections to clients.”
Find out more about Wicrypt here: https://wicrypt.com/
About Wicrypt Network
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 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.I
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.