A crypto startup providing wifi hotspot sharing services in Nigeria has won funding from the country’s telecom regulator.
Wicrypt placed second among 25 tech companies participating in an innovation competition organized by the Nigeria Communication Commission and it’s going to receive a grant worth 2 million naira to finance its project, News.bitcoin reports.
Wicrypt allows subscribers to earn money by sharing their mobile data with other users who pay for the service. The platform’s app has been developed for Android and iOS devices and is already available on Google Play and Apple’s App Store.
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Hosts can connect their wireless routers to Wicrypt as well and set a price for the wifi hotspot. Clients pay to gain access but are also free to reward the hosts for the network quality and speed.
The Nigerian Investment Promotion Commission (NIPC) also notes that the Lagos State Government recently launched a 250 million Nigerian naira seed funding for startups focusing on innovations, including in the blockchain and other fintech fields.
The initiative was announced by Governor Babajide Sanwo-Olu during the Art of Technology Lagos 1.0 conference held in early December with over 1,500 young innovators and tech solutions developers. Funds were also distributed among blockchain startups during another event, the Zenithtech Fair 2019 in November.
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