Wicrypt, a Nigerian Wi-Fi sharing startup explores new markets
Wicrypt, a Nigerian blockchain-based Wi-Fi sharing startup, plans to be active in five African countries this year after securing funding late last year.
Wicrypt, which was founded in 2018, is a decentralized mobile internet sharing and monetisation network that allows anyone to be compensated for sharing their Wi-Fi. Users install the Wicrypt app on their mobile device or purchase a one-of-a-kind, custom-built Wicrypt Hotspot Creator device to provide Wi-Fi.
Through their Wicrypt dashboard, Wi-Fi providers can personalize their customer experience by offering surveys, ads, and collecting customer data. All Wicrypt-connected devices are represented by distinct NFTs that are linked to the blockchain.
While Wicrypt hosts are compensated by those who use their WiFi, Wicrypt also rewards hosts with its native token, $WNT, for having high device uptime.
According to Disrupt Africa, the startup closed a strategic US$1.5 million funding round in November to help it expand into new countries, and CEO Ugochukwu Aronu, who also runs Nigerian DeFi startup Xend Finance, told us the startup has big plans after seeing extremely strong uptake.
“Currently, Wicrypt has over 14,800 registered users and up to 1,000 hotspots are being deployed in Nigeria.” “By Q2 2022, we will be in over five countries,” he predicted.
With the cost of mobile internet data being high in different parts of the world, and access to fast and efficient internet connections also being a major issue, Wicrypt addresses this by empowering individuals and businesses to create and share their own mobile internet data the way they want. The company decentralizes control of mobile internet data, making it more affordable and accessible.
“In Wicrypt-enabled hotspot zones, Wicrypt has been able to drive down the cost of mobile internet connection in Nigeria by over 60%,” Aronu claims.
Aronu was working with his colleagues at the office as a software engineer in Nigeria before starting Wicrypt when his internet service provider lost signal. He approached his colleagues to request that they share their hotspot with him, but they declined, claiming that he would consume a large amount of their internet data, which they couldn’t quantify, so they wouldn’t know how to bill him.
That was a “eureka moment” for Aronu, who had the idea to build a system that would allow people to share their Wi-Fi and be paid in real time.
“We realized that by allowing anyone to become a mico-ISP, we could solve these problems,” he said.
The platform has undoubtedly had an impact. Aside from the strong adoption and equity funding, Wicrypt was also chosen by Kin Foundation to receive a US$15,000 grant and was one of the winners of the Nigeria Communication Commission’s Emerging Technology competition (NCC). Enugu WiFi uses its technology to create thousands of hotspots in Nigeria’s Enugu State in order to provide highly available and low-cost internet services.
“We make money from device sales, by charging a commission when mobile internet data is sold for money, and by charging a subscription for other features like data collection and advertising.” “Wicrypt is profitable,” said Aronu.
