In February 2021, Nestcoin was established with a mission to develop, invest in, and operate web3 and non-custodial products catering to customers in emerging markets across various sectors, including Decentralised Finance (DeFi), media, digital art, and gaming.
However, in November 2022, the company faced difficulties due to the FTX contagion, leading to the unfortunate necessity of downsizing its workforce.
Recently, Nestcoin proudly announced a successful fundraising round, securing $1.9 million in what they’ve termed a strategic funding initiative. This funding was led by Hashed Emergent, and a global consortium of investors joined in, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and several participating angels. The primary goal of this funding round, as outlined in their press release, is to bolster the company’s financial stability, particularly after the setbacks caused by the FTX exchange turmoil.
Nestcoin has earmarked this capital infusion for the development of “Onboard,” a digital money application aimed at granting universal access to financial services. Yele Bademosi, Co-Founder and CEO of Nestcoin, emphasized their commitment to making high-quality financial services accessible worldwide, regardless of geographical constraints, through the creation of an easy-to-use self-custody digital wallet.
Vincenf Li, Founding Partner of Adaverse, expressed his enthusiasm for Nestcoin’s vision, considering it a pioneer in revolutionizing finance in Africa, where borders have transformed into opportunities. Onboard Wallet aligns perfectly with their mission for sustainable development.
Tak Lee, CEO & Managing Partner at Hashed Emergent, praised Nestcoin’s team for their proven ability to develop crypto products for African users, citing their successful products like Bundle and Carbon. The user-friendly design and self-custody infrastructure of Onboard align well with Africa’s young and fast-growing population, making it conducive to crypto adoption.
Unfortunately, Nestcoin’s financial stability was jeopardized by the FTX exchange incident, as CEO Yele Badamosi disclosed. To manage operational expenses, the company had held assets, including cash and stablecoins, in the now-defunct crypto exchange, resulting in employee layoffs and substantial wage reductions for the remaining staff.
Nestcoin seemed to have faded from the spotlight until four months ago when Metaverse Magna (MVM), an African gaming community incubated by Nestcoin, made headlines by raising $3.2 million. Under the leadership of CEO Yemi Johnson, MVM transformed from a Play-to-Earn (P2E) gaming guild into a social gaming and eSports platform known as Hyper, where players can earn and receive crypto rewards.
By Elijah Christopher