Nestcoin, a Nigerian-based Web3 startup, has successfully garnered $1.9M in what they describe as a strategic funding initiative. As per an official statement from Technext, Hashed Emergent took the lead in this funding round, with contributions from an international group of investors. This group includes names like Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and several angel investors.
This funding is crucial for Nestcoin, especially after facing the previous year’s repercussions of the FTX exchange issue. The funds will primarily be channelled towards the growth of Onboard, their digital currency application that offers financial services. Yele Bademosi, the Co-Founder and CEO of Nestcoin, expressed:
Our vision is to make top-tier financial services accessible to everyone, irrespective of where they are located. Our aim is to realize this vision by introducing an intuitive and user-friendly self-custody digital wallet.*”
Vincenf Li, a Founding Partner at Adaverse, shared his perspective on Nestcoin:
Nestcoin is at the forefront of a financial transformation in Africa, turning geographical boundaries into gateways of opportunity. The Onboard concept is a groundbreaking idea that aligns with our sustainable development goals. We’re honored to be a part of Nestcoin’s innovative journey with the Onboard Wallet
Tak Lee, the CEO & Managing Partner at Hashed Emergent, also voiced his support for Nestcoin:
We are thrilled to back Nestcoin. We trust the founder’s capabilities to introduce a consumer-centric crypto product for the African market, especially given their past successes with products like Bundle and Carbon. Their approach to product design, which emphasizes user-friendliness and self-custody, is exactly what Africa needs for widespread crypto adoption. This also aligns perfectly with our web2.5 vision.
Nestcoin, which began its journey in February 2021, focuses on creating, investing in, and managing web3 and non-custodial solutions for clients in emerging markets. Their areas of interest span Decentralized Finance (DeFi), media, digital art, and gaming. However, they faced challenges in November 2022 due to the FTX exchange issue, leading to layoffs and salary reductions.
Interestingly, Metaverse Magna (MVM), a gaming community incubated by Nestcoin, revealed a $3.2 million funding round four months prior. Under CEO Yemi Johnson’s leadership, this gaming company transitioned from a P2E gaming guild to a social gaming and eSport platform named Hyper.
Yele Bademosi commented on Nestcoin’s strategic move with MVM:
Our choice to spin off MVM reflects our commitment to fostering innovation and supporting budding businesses that democratize crypto access. By granting MVM its independence, not only does Nestcoin boost MVM’s growth, but it also propels the broader web3 ecosystem’s expansion.*”
With this new funding, the spotlight is once again on Nestcoin and its digital currency app, Onboard. This app promises a streamlined user experience, a seedless wallet feature, and a direct fund transfer option to bank accounts without needing a centralized exchange. As per Nestcoin’s announcement:
The Onboard Wallet is just the beginning of our commitment to offer our community straightforward and enjoyable financial alternative that move away from conventional trust-based systems.