Nigerian decentralized finance (DeFi) firm Nestcoin has announced a successful funding round, raising $1.9 million, which it describes as a strategic funding effort. According to a press release shared with Technext, the funding round was led by Hashed Emergent, with participation from a global consortium of investors, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and participating angels.
This funding is seen as crucial for Nestcoin to fortify its financial position, particularly following its involvement in the FTX exchange debacle spillover late last year.
Building the Onboard Digital Wallet Nestcoin has earmarked this capital infusion to concentrate on the development of Onboard, a digital money application designed to provide access to financial services. Yele Bademosi, Co-Founder and CEO of Nestcoin, expressed the company’s mission:
“We firmly believe that access to high-quality financial services should be universally available, regardless of one’s geographical location. We are committed to achieving this goal by creating a delightful and simple-to-use self-custody digital wallet.”
Support from Key Investors Vincenf Li, Founding Partner at Adaverse, remarked on Nestcoin’s role in the financial evolution in Africa, particularly its Onboard Wallet concept, which aligns with their mission for sustainable development.
Tak Lee, CEO & Managing Partner at Hashed Emergent, expressed enthusiasm for Nestcoin, citing the company’s ability to create a retail crypto product for African users. He highlighted the user-friendly design and self-custody infrastructure as factors critical for crypto adoption in Africa, aligning with their web2.5 thesis.
Nestcoin’s Journey and Recent Developments Nestcoin was founded in February 2021 to develop, invest in, and operate web3 and non-custodial products across Decentralized Finance (DeFi), media, digital art, and gaming, primarily in frontier markets. However, it faced significant challenges when affected by the FTX contagion in November 2022, leading to layoffs and wage cuts for remaining employees.
Nestcoin returned to the spotlight four months ago when Metaverse Magna (MVM), an African gaming community incubated by Nestcoin, raised $3.2 million. The gaming company transitioned into a social gaming and eSports platform called Hyper.
Yele Bademosi, CEO of Nestcoin, emphasized their dedication to promoting innovation and empowering emerging crypto-accessible businesses. By granting MVM autonomy, Nestcoin aimed to accelerate progress within the web3 ecosystem.
The recent funding round highlights Nestcoin’s growing prominence, driven by the development of Onboard, a digital money app designed for modern, world-class financial services. Onboard Wallet offers a seamless user experience, a seedless wallet, and direct fund transfers to bank accounts without centralized exchange intermediaries, marking the beginning of Nestcoin’s commitment to simplifying and enhancing financial options and reducing reliance on traditional trust-based systems.