Africa is believed to be the next great destination for blockchain and cryptocurrencies. The latest example of this trend coming up quickly in 2020 is a crypto startup that provides wifi hotspot services in Nigeria. The company has won funding from Africa’s telecom regulator. The grant is for 2 million naira (around $5,500) and it will help the startup finance its project.
The startup is called Wicrypt and the basic model that it uses is to allow subscribers to earn money by them sharing their mobile data with other subscribers who pay for the service. Wicrypt’s app is made compatible for both iOS and Android users and is available on the App store and Google Play.
Hosts are able to connect their wireless routers to Wicrypt and set a particular price for the wifi hotspot service they provide. Users pay hosts to gain access but can also decide to reward the hosts for the speed and quality of the provided network.
In order to connect to the Wicrypt hotspots, wifi users will need enough WCs or Wicrypt credits, as reported by press and the platform’s website. The Wicrypt application will verify if the user has enough credits to actually pay for the service. Credits can be redeemed and acquired with a large choice of payment methods that are available to both hosts and beneficiaries.
The array of payment choices include: bank accounts, credit cards, crypto payments with Binance coin, Ethereum or Bitcoin. Any withdrawals will also be made via the mobile phone-based money transfer system called Mpesa (Kenyan-based).
Wicrypt has managed to win the $5,500 grant by beating a number of technological disruptors during the 3-day Innovation Competition and Exhibition hosted by the Nigeria Communication Commission. With such innovative solutions, Africa is becoming a go-to destination for crypto/blockchain businesses, a point that was made during the World Economic Forum in 2019.