A crypto startup, Wicrypt, which provides wifi hotspot sharing services in Nigeria has won over $5,500, as a grant from Nigeria’s telecom regulator funding.
Wicrypt placed second among 25 tech companies participating in an innovation competition organized by the Nigeria Communication Commission and it’s going to receive a grant worth 2 million naira to finance its project.
Dozens of technological innovators took part in the three-day Innovation Competition and Exhibition conducted by the Nigeria Communication Commission. In a statement released by the Nigerian Investment Promotion Commission (NIPC), Wicrypt placed second in the rating, out of 25 contenders.. The companies that received government grants can invest the prize money into their business development.
The start-up, Wicrypt allows subscribers to earn money by sharing their mobile data with other users who pay for the service. Hosts can connect their wireless routers to Wicrypt as well and set a price for the wifi hotspot. The platform’s app has been developed for Android and iOS devices and is already available on Google Play and Apple’s App Store and clients get to pay to gain access but are also free to reward the hosts for the network quality and speed.
To connect to Wicrypt hotspots, the platform’s website explains that WiFi users need to have a sufficient amount of Wicrypt credits (WCs). The application verifies if a beneficiary has enough credits in their wallet to pay for the service. WCs can be acquired and redeemed with a wide choice of payment methods available to both sides.
According to Ugochukwu Aronu, founder of the company based in the Nigerian state of Enugu,
“Wicrypt will help Nigerians earn money online using and sharing their mobile data.”
Payment options will include regular bank accounts and cards as well as crypto payments with Bitcoin Core (BTC), Ethereum (ETH) and Binance coin (BNB). Deposits and withdrawals can also be made through the Kenyan mobile phone-based money transfer system Mpesa. Text-based payments offered by telecom companies are quite popular in African countries.
These flexible payment routes, will provide an opportunity for the expansion of crypto payments in developing nations, just as it is with Cointext, which provides users with an SMS channel to send and receive BCH and a bitcoin cash wallet.