On December 6th, Web3 Wicrypt, a startup based in Nigeria, announced that it has secured a funding of $150,000 from Microsoft.
The company intends to use this grant to enhance the efficiency of its development chain for the decentralized physical infrastructure network.
In addition, during the month of November, Wicrypt received an additional funding of $200,000 from Google Cloud. Let’s see all the details below.
Summary
Nigeria: startup Web3 Wicrypt receives support from Microsoft to enhance its infrastructure network
As previously announced, Nigerian startup Web3 Wicrypt has recently disclosed the acquisition of a $150,000 grant from Microsoft to enhance its commitment to the development of Depin, a decentralized physical infrastructure network.
Depin represents an innovative approach to the construction and management of infrastructures in the physical world, developed in a decentralized manner by individuals and global companies to be accessible to anyone.
It is argued that Depins are scalable and more cost-effective compared to traditional infrastructure networks, with platforms like Filecoin, Helium, and Iotex operating in this dynamic sector.
In a post shared on X (formerly Twitter), the startup praised Microsoft and the Web3 accelerator Outlier Ventures for the opportunity and support provided:
“We have obtained a grant of $150,000 from Microsoft, which will have a significant impact on expanding collaboration and increasing productivity in our development chain [Depin]. We are grateful to Microsoft Azure for the exceptional opportunity and to Outlier Ventures for the constant support that made all this possible. We sincerely appreciate it.”
In addition, in a previous post on X, Wicrypt had announced its expansion to the Arbitrum blockchain, describing the decision to leverage the chain’s user base as a “strategic move”.
Finally, it should be emphasized that Wicrypt has also obtained funding of $200,000 from Google Cloud a few days before announcing the grant from Microsoft.
The UK CMA investigation into the collaboration between Microsoft and OpenAI
Recently, unfortunately, Microsoft has also had to deal with problems related to some regulations in the United Kingdom, problems that could have a strong impact on competitive dynamics in the technology sector.
Specifically, the Competition and Markets Authority (CMA) of the United Kingdom is currently examining the partnership between Microsoft and OpenAI, a leading organization in artificial intelligence research.
The objective of this evaluation is to determine whether this collaboration constitutes a significant merger with potential impacts on the competitive dynamics of the technology sector.
Recently, Microsoft announced its role as a non-voting observer on the board of directors of OpenAI, raising questions about the nature and implications of this collaboration.
The CMA investigation was launched after Microsoft revealed the acquisition of a non-voting position on the board of OpenAI.
Although the Microsoft representative may attend meetings and have access to confidential information, they do not have the right to vote on crucial decisions such as the election of administrators.
In response to the raised concerns, Brad Smith, Vice President and President of Microsoft, clarified that the company’s involvement remains limited to the status of an observer.
In addition, he highlighted the difference compared to more direct acquisitions, citing the example of Google’s acquisition of DeepMind. He also stated Microsoft’s willingness to collaborate with the CMA for a thorough review.
With this investigation, it is the second time this year that Microsoft’s operations are being examined, highlighting the growing attention of regulatory bodies on the increasing influence of technology giants in the artificial intelligence sector.
More news in Web3: MetaMask expands alliances to enhance its ecosystem
Just like Microsoft, MetaMask, the well-known wallet for cryptocurrencies, has recently established new partnerships in six countries, including Vietnam, Philippines, Indonesia, Thailand, Egypt, and Chile.
The main objective of these collaborations is to promote the Web3 ecosystem, indicating a strategy aimed at strengthening MetaMask’s presence in diversified markets.
The expansion of MetaMask’s scope has been made possible thanks to strategic collaborations with Unlimit, a borderless payment solution, and TransFi.
These partnerships aim to integrate local cryptocurrency payment and transfer options directly within the MetaMask wallet, making the Web3 experience more accessible and user-friendly for individuals in different geographical locations.
Not by chance, MetaMask’s expansion and integration approach represents a significant step in the evolution of the Web3 ecosystem.
Through these local partnerships and the optimization of local transactions, MetaMask not only expands its user base, but also contributes to the global adoption and normalization of cryptocurrency and blockchain technologies.
This strategy is aligned with the broader vision of Web3 and, through these initiatives, MetaMask plays a crucial role in shaping the future of digital finance, ensuring that it remains accessible and relevant to users worldwide.
