In this interview with Techeconomy, Tae Oh tells us how Spacecoin is building decentralised internet and financial access in Nigeria. Excerpt:

What is Spacecoin, and how does it aim to solve the challenges of connectivity and financial exclusion in Nigeria?

Spacecoin is building a decentralised satellite internet network that provides reliable, permissionless connectivity without the need for expensive terrestrial infrastructure such as cell towers and fibre-optic cables.

Our goal is to connect the 2.9 billion people globally – including tens of millions in Nigeria, who still lack reliable internet. But access is only part of it. With our partners Creditcoin and Gluwa, we enable financial inclusion by letting people build on-chain credit just by paying for data.

For an everyday user in Nigeria, how does the Spacecoin system actually work?

It’s simple: instead of getting your data via fibre-optic cables or cell towers, you get it via our satellites. You pay small amounts in digital currency, and that payment is recorded publicly on a blockchain. Over time, this creates a verifiable history of trust, which can help users access loans and other financial services, even without a bank account.

Why is Nigeria such a central focus for Spacecoin’s early rollout?

Nigeria is a market with one of the highest web3 adoption rates, but also one of the most underserved in terms of internet infrastructure. It has over 100 million people under 25 — that’s an entire generation being held back by lack of access. If we can connect them, we unlock massive social and economic upside.

You use the phrase “Connecting the Unconnected” a lot. What does that look like in real life, and how do you track progress?

For us, it’s not just about signal coverage — it’s about whether people can afford to connect, stay connected, and do something meaningful with that access.

We measure success by looking at usage: how many people are getting online, how many are building transaction history, and how that translates into things like credit access and digital participation.

Why did you choose blockchain to run a satellite internet network? What does it enable that other models can’t?

Blockchain lets us build transparency into network access. Decisions like who gets online and how much they pay, access and pricing are handled by smart contracts — transparently, fairly, and without bias. It also means the network is open-source and permissionless. In regions where connectivity can be politicized or priced out of reach, that kind of neutrality really matters.

You’ve partnered with the Central Bank of Nigeria on the eNaira. How does this fit into your ecosystem?

Through Gluwa — our incubator and Creditcoin’s developer — we’ve partnered with the Central Bank of Nigeria to integrate blockchain-based credit scoring into the eNaira system.

That means internet usage via Spacecoin can help build creditworthiness in the eyes of lenders. It’s a first-of-its-kind integration between national digital currency and decentralized credit rails.

Beyond tech, you’ve launched a blockchain and AI training program in Nigeria. What’s the goal there?

We’ve teamed up with the Nigerian Vice President’s office and Jigawa State to train 1,000 young Nigerians a year in blockchain, AI, and other advanced tech skills. For us, this isn’t charity or CSR — it’s about preparing the next wave of builders. We want Nigerians to shape what the decentralized internet becomes.

What milestones has Spacecoin already hit in Nigeria, and what’s coming next?

We launched our first satellite, CTC-0, with SpaceX. Through Gluwa, we’ve helped distribute over ₦100 billion in loans via Aella Microfinance Bank using Creditcoin rails. Now we’re preparing to do ground tests in Nigeria to prep for our next-gen satellites launching in October.

How does Spacecoin help Nigeria leapfrog the usual infrastructure problems, like towers, fibre, and underbanking?

We cut out the middle layers. Instead of building from the ground up, we build from space down. You don’t need expensive ground infra to connect to the Internet. Anyone with digital currency can pay. Anyone who pays builds history. This lets people bypass infrastructure that would take years or decades to roll out the traditional way.

What’s the long-term vision for Spacecoin and its role in Nigeria’s digital future?

We want Spacecoin to be the on-ramp to the internet, to finance, to global opportunity. Nigeria has the energy, talent, and ambition. Our job is to help unlock that – not just by providing access, but by building systems that reward participation, build trust, and empower people to shape their digital futures.

Tae Oh | profile

Tae Oh is the founder of Spacecoin, where he leads the mission to deliver permissionless internet connectivity to underserved communities. Spacecoin is the world’s first decentralized physical infrastructure network (DePIN) powered by low-Earth orbit (LEO) satellite constellations – built to serve as the open protocol for global, trustless internet access.

Tae brings a unique background that blends deep technical expertise with a long-standing commitment to solving systemic issues around financial and digital exclusion. As the founder and CEO of Gluwa, Spacecoin’s parent company, Tae has spent over a decade building blockchain-based solutions aimed at expanding access to financial services. He also founded Creditcoin, a Layer-1 blockchain that has facilitated millions of on-chain microloans across emerging markets – helping individuals and small businesses build credit histories in places where traditional banking infrastructure is lacking.

At Spacecoin, Tae is carrying that same mission forward into the digital access space. His vision is to create a decentralized internet network that bypasses borders, monopolies, and gatekeepers – empowering people everywhere with access to information, opportunity, and financial systems. Under his leadership, Spacecoin launched its first satellite, CTC-0, in December 2024 and formed strategic partnerships with Creditcoin, Sui, and Walrus to create a unified infrastructure for decentralized connectivity and finance.

Spacecoin on X | LinkedIn

Gluwa, a foremost global blockchain company, has announced its readiness to work closely with the Federal Government of Nigeria to create a policy framework that supports the legalization and adoption of cryptocurrencies in Africa’s largest economy.  

The firm believes cryptocurrencies can play an important role in driving economic growth and financial inclusion in Nigeria with the right policy framework. 

“Gluwa is committed to driving innovation and growth in the blockchain industry, and we believe that Nigeria has tremendous potential in this area. Our proposals have been sent to the Securities and Exchange Commission, the Ministry of Finance, and the Central Bank of Nigeria. We earnestly look forward to working with them to create an environment that fosters innovation, encourages investment, and supports the growth of the Web3 industry”, Tae Oh, Founder and CEO of Gluwa, noted. 

Gluwa has built the first blockchain-based credit repository that enables financial institutions all over the world to tackle fraud and provide instant credit scoring via its Creditcoin network.

Additionally, the company invests in global companies utilizing blockchain technology through Gluwa and has committed $35m to the growth of indigenously owned crypto exchanges in Africa. 

Stakeholders and players in the financial and other related sectors are already seeing the opportunities in well-structured cryptocurrency guidelines and policy intervention in the country. 

At an event; ‘Technext Coinference’ in 2021, the Minister of State for the Ministry of Finance, Budget, and National Planning, Clem Agba had confirmed the readiness of the government to regulate the cryptocurrency industry. 

According to Agba, the Federal Government is optimistic about the numerous possibilities the crypto industry currently provides to ordinary Nigerians as cryptocurrencies could be the biggest disruptor in the finance sector, but the government needed to play a supervisory role in guiding the industry. 

Also, the Nigerian Securities and Exchange Commission (SEC) has begun taking steps toward regulating cryptocurrencies, issuing guidelines for initial coin offerings (ICOs), and other cryptocurrency-related activities. 

Under SEC’s new rules, all crypto exchanges providing service to Nigerians are now required to secure a permit, which gives the Commission access to its records. Exchanges are expected to submit weekly and monthly trading information as well as quarterly and annual financial and compliance reports. 

The Founder of the Blockchain Africa Society, Tebogo Thobeje noted that Gluwa’s announcement is a positive development for the African blockchain industry, with Nigeria at the forefront. 

“It shows that there is growing interest and support for cryptocurrencies among businesses and investors in Nigeria. We hope that the Nigerian government will take a proactive approach to support the growth of the blockchain industry, and we look forward to working with Gluwa and other important stakeholders to achieve this goal”, Thobeje noted. 

Gluwa aligns with the need for the creation of a new regulatory body to oversee the regulation of crypto activities in the country and believes that Nigeria’s Securities and Exchange Commission and the Central Bank of Nigeria can chart a clearer path towards understanding and regulating the crypto space. 

“We believe that cryptocurrencies have the potential to transform the financial landscape in Nigeria and the African continent. By working closely with the Nigerian government, we hope to create a policy framework that encourages the responsible and regulated use of cryptocurrencies while prioritizing the protection of consumers and preventing illicit activities. 

– Tae Oh

“I am excited to see Gluwa take this bold step towards supporting the adoption and usage of cryptocurrencies in Nigeria. “I believe that cryptocurrencies have the potential to transform the financial landscape in Nigeria and across the African continent, and I look forward to seeing what the future holds”, said Lolade Babalola, a blockchain enthusiast based in Lagos. 

Gluwa has a proven track record of success in the blockchain industry, having launched several innovative blockchain-based financial products and services across the globe.