Nigeria's telecom regulator backs blockchain-based WiFi sharing startup Wicrypt

The Nigerian Communications Commission (NCC), an independent regulatory authority for the country’s telecommunications industry, has invested 2 million nairas (approximately $5,500) in blockchain firm Wicrypt, The Block reported.

The Nigerian Investment Promotion Commission (NIPC) made the announcement in an online post dated Dec. 28.

Wicrypt is a blockchain-based WiFi sharing platform that allows subscribers to earn money by sharing their mobile data.

“It leverages the blockchain and allows users to receive payments per megabyte of their wifi data consumed by a beneficiary,” the description on the official website reads.

Users can register on the platform via Wicrypt’s mobile app and deposit funds using bank accounts, card payments or Kenya Mpesa money, as well as cryptocurrencies - Bitcoin, ethereum and Binance token. The hosts, on the other hand, can withdraw earnings in the supported cryptocurrencies or using Kenya Mpesa account or local bank account.

Wicrypt has an inbuilt wallet that verifies if a beneficiary has enough cryptocurrency 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 said.

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