- Onega Ventures and the Nigerian Web3 firm, situated in Enugu, cooperated.
- It wants to sell its blockchain-enabled WiFi equipment in the top Internet market.
In a mid-November tweet on social media, Wicrypt, an innovative African startup that lets users share and monetize their WiFi connections, announced that it is expanding into the Chinese market through a strategic relationship with Singaporean tech investment Onega Ventures.
As a result of the agreement, which was revealed on X, formerly Twitter, Onega Ventures will offer management and customer support in addition to becoming the sole distributor of Wicrypt devices in China.
“We are excited to partner with Onega Ventures as an official Wicrypt agent and sole distributor of Wicrypt devices in China,” it said.
“This means that you can now purchase, repair and manage your Wicrypt devices at Onega Ventures in China.”
With this, Wicrypt makes its debut in Asia, where it intends to capitalize on the enormous demand for inexpensive, quick Internet connection.
Wicrypt wants to use blockchain technology to enable last-mile Internet access for individuals all around the world.
Wicrypt’s entry into China further highlights the maturation of Africa’s startup scene, which is already among the most active globally in terms of venture capital investment.
Wicrypt is a Web3 startup that was founded in 2018 and uses blockchain technology to build a decentralized WiFi hotspot network.
Users can purchase or download the WiCrypto gadget, a customizable hotspot maker that can also show advertisements, conduct surveys, and gather user data. It also enables users to securely share their mobile data with others to establish networks.
Non-fungible tokens, or NFTs for short, are distinct digital assets that, on the blockchain, stand in for every connected device on the WiCrypt network.
Transparency and security are ensured by recording all data transactions made through the WiCrypt devices on the blockchain through the relevant NFTs.
WiCrypt also pays users in cash and its native currency, $WNT, for delivering WiFi services.
In exchange for keeping their devices online, hosts receive payment and incentives from users who pay a nominal charge to access the WiFi.
In order to become a member of the WiCrypt Network, a group of WiFi providers that share resources and governance, hosts can also stake the $WNT token.
Since its founding, WiCrypt has expanded quickly, servicing over 45,000 customers, having approximately 1,100 hotspots in over 30 countries, and sending over 895 terabytes of data.
With the $1.5 million in capital it raised in 2021, the firm was able to grow and reach new markets, including China.
With over 800 million Internet users and a population of 1.4 billion, China has the second-largest economy in the world. It also has a thriving IT scene, with numerous advancements in social media, fintech, and e-commerce, among other fields.
With its innovative and affordable Internet access solution, WiCrypt hopes to take a piece of this market, particularly for underserved and rural communities.
CEO of WiCrypt Ugochukwu Aronu highlighted his enthusiasm for the collaboration with Onega Ventures, calling it a fantastic chance to highlight the potential of African Web3 entrepreneurs on a worldwide scale.
He also discussed his idea of using WiFi hotspots to turn millions of everyday Internet users’ gadgets into passive cash streams.
Onega Ventures’ COO, Bruno Yu, expressed his admiration for WiCrypt’s creative and scalable business strategy and expressed excitement about collaborating with the group to expand the WiCrypt network in China.
Yu has a wealth of knowledge in the Chinese tech industry and was one of the first investors in WiCrypt.
In addition to being a leader in the African Web3 market, WiCrypt benefited from a $5,500 investment made in the company’s early phases by the Nigerian Communications Commission.