Nigeria's telecom regulator invests in blockchain startup Wicrypt

Investments • December 31, 2019, 8:00AM EST
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The Nigerian Communications Commission, the country’s telecom regulator, has invested 2 million nairas (~$5,500) in blockchain startup Wicrypt.

Wicrypt facilitates blockchain-based WiFi sharing service, which allows users to earn money by sharing their internet connection. Users can register via Wicrypt’s mobile app and deposit funds using fiat currency, as well as three cryptocurrencies - bitcoin (BTC), ether (ETH) and Binance coin (BNB). Hosts, on the other hand, can withdraw their earnings in fiat or cryptocurrency.

Wicrypt says it has an inbuilt wallet that verifies a beneficiary has enough funds to start using the service. “Wicrypt automatically cuts off a beneficiary when his money is exhausted. It allows automatic connection between user and beneficiary once the beneficiary has enough funds to start using the service,” it added.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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