Nigeria's telecom regulator invests in blockchain startup Wicrypt

The Nigerian Communications Commission, the country’s telecom regulator, has invested 2 million nairas (~$5,500) in blockchain startup Wicrypt.

Wicrypt facilitates blockchain-based WiFi sharing service, which allows users to earn money by sharing their internet connection. Users can register via Wicrypt’s mobile app and deposit funds using fiat currency, as well as three cryptocurrencies - bitcoin (BTC), ether (ETH) and Binance coin (BNB). Hosts, on the other hand, can withdraw their earnings in fiat or cryptocurrency.

Wicrypt says it has an inbuilt wallet that verifies a beneficiary has enough funds 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 added.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.