It’s official (announced on X, formerly Twitter): African startup WiCrypt – a company that enables users share and monetise their WiFi connections – is breaking into the Chinese market through a strategic partnership with Singaporean tech company, Onega Ventures. The deal will see Onega Ventures become the exclusive distributor of WiCrypt devices in China, in addition to providing customer support and management services.
Sharing his vision of creating a passive income stream for millions of people simply by turning their devices into WiFi hotspots, WiCrypt CEO Ugochukwu Aronu says he is thrilled about partnering with Onega Ventures, as it presents an enormous opportunity for showcasing the potential of African Web3 startups in the global arena.
WiCrypt users can either download the app or purchase the customisable device that doubles as a hotspot creator.
The WiCrypt network is powered by NFTs (Non-Fungible Tokens), which are unique digital assets that represent each connected device on the blockchain.
All data transactions occurring through a WiCrypt device is recorded on the blockchain via the corresponding NFTs, ensuring transparency and security.
WiCrypt also rewards its users (both in cash and in its native token, $WNT) for providing WiFi services. Users pay a small fee to access the WiFi, while hosts earn income and incentives for keeping their devices online.
Founded in 2018, Wicrypt, a Web3 company, leverages blockchain technology to create a decentralised network of WiFi hotspots.
WiCrypt has grown rapidly since its inception, reaching nearly 1,100 hotspots in over 30 countries, serving more than 45,000 accounts and transmitting over 895 terabytes of data.
In 2021, the startup raised $1.5 million in funding, which it used to expand its operations and target new markets, including China – the world’s second-largest economy, with a population of 1.4 billion and over 800 million Internet users who demand fast and affordable Internet access..
WiCrypt is also a beneficiary of the Nigerian Communications Commission, which invested $5,500 in the startup during its early stages.