OXIO wants to use blockchain to make “Telecom-as-a-Service” as common as SaaS.
To that end, the New York-based startup is announcing Tuesday a $12 million Series A funding round, led by Brazilian VC monashees and Atlantico Capital, with participation from FinTech Collective and Multicoin Capital. It takes the firm’s total fundraising to $20 million since late 2019.
OXIO allows big brands to offer telco-type services by turning mobile data into a tradeable digital asset using tokens on blockchains. Tokenized data packages will be particularly useful in emerging markets like Mexico where mobile internet is relatively expensive, the company says.
The big picture for OXIO is a reboot of the mobile virtual network operator (MVNO) model (U.K.-based Virgin was a well-known exponent of this original trend). It’s not an entirely novel idea: Hong Kong-based DENT Wireless, which is backed by Samsung Blockchain, also offers a token to foster mobile data trading.