FUNDING | Nigerian Web3 Startup, WiCrypt, Receives $150,000 Grant from Microsoft

WiCrypt Network, the decentralized mobile internet sharing and monetization network out of Nigeria, has received a $150,00 grant from Microsoft.

“We received a $150,000 grant from Microsoft. This grant will go a long way in expanding collaboration and improving productivity around our #DePIN development chain,” the company said on its X channel.

“Thank you Azure for the immense opportunity, and thank you @OVioHQ for the constant support and helping make this happen. We truly appreciate it.”

WiCrypt recently unveiled its first WiFi hotspots on the decentralized physical infrastructure blockchain, Peaq, allowing owners to earn tokens. According to WiCrypt, a decentralized physical infrastructure network (DEPIN) refers to a network of physical devices or resources distributed across various locations and operated in a decentralized manner.

The hotspot devices allow anyone to share their WiFi with others. Users also get to mine the WiCrypt Network Token ($WNT) while sharing their internet connection.

WiCrypt, which is led by Aronu Ugochukwu, who doubles as the CEO of Xend Finance, leverages existing physical infrastructure, such as Wi-Fi routers and access points in public spaces, such as cafes, restaurants, and hotels, to create a decentralised network of internet access points.

In a blog post, the company explains that users of the WiCrypt platform can connect to these decentralized access points to access the internet securely and privately. The platform allows individuals with spare bandwidth on their Wi-Fi routers to monetize their resources by sharing them with others. Users can purchase data vouchers from WiCrypt and redeem them to access the internet through these decentralized access points.

“The decentralised nature of the WiCrypt Network ensures that internet connectivity is available in a distributed manner, leveraging the existing infrastructure instead of relying on a centralized internet service provider. This approach can help expand internet access in areas where traditional connectivity options may be limited or expensive,” Wicrypt says.

Find out where all of WiCrypt’s Hotspot Hubs are located around the world here: