Nigerian Telecom Watchdog Invests In Blockchain Startup Wicrypt
The Nigerian Communications Commission has funded in Wicrypt, a blockchain startup that enables its users to share their wifi and gain. Wicrypt appeared second in a startup competition conducted by the regulator, drawing the 2 million nairas ($5,500) investment.
Wicrypt is a blockchain startup that allows wifi hotspot-sharing services to its users, enabling them to earn capital from their data. Once the consumer downloads the mobile app, he fixes up an account. He can put money into his online wallet utilizing bank transfers, card payments, or through Kenya’s mobile money service, M-Pesa. Wicrypt also holds payments in ETH, BTC, and Binance coin.
The user gets to bestow his mobile data with people who spend on the service. The payments can be done via crypto or fiat currency.
Wicrypt weighs blockchain technology to “allow users to receive payments per megabyte of their wifi data consumed by a beneficiary.” The app also has an inbuilt wallet that checks the beneficiary has adequate cryptocurrency to begin using the service.
Nigerian blockchain startups have remained to get support from both public and private entities. In November, one of the country’s largest banks, Zenith Bank, arranged an event in which tech startups pitched to investors and raised funding. Blockchain startups were well described, according to a local crypto news outlet.
The founder and chairman of Zenith Bank, Jim Ovia, praised the impact that emerging technology such as blockchain and AI are having in Nigeria.
He stated, “The conference aims to support innovative and disruptive ideas from emerging startups in various areas like entertainment, agriculture, etc. using AI, Blockchain technology, and so on.”
Cryptos could also find their way into the Nigerian capital market this year. As CoinGeek reported in September, the Nigerian Securities and Exchanges Commission has set up a committee that is looking into the combination of cryptos and blockchain into the capital market.
The committee is looking at how cryptos could affect financial stability, market integrity, and more. It will also examine the classification of cryptos, whether as commodities, currencies, or securities and propose regulations for the industry.