Nigerian Web3 Startup Nestcoin Secures $1.9 million in Funding

The Nigerian Web3 startup Nestcoin has reportedly secured a full of $1.9 cardinal successful backing from some existing and caller investors. The superior raised volition beryllium utilized to bolster Nestcoin’s finances and further make the startup’s non-custodial wallet.

Impact of FTX’s Collapse connected Nestcoin

The Nigerian Web3 startup Nestcoin precocious secured $1.9 cardinal via a strategical backing circular which was led by Hashed Emergent, a study has said. Existing investors that participated successful the circular see Alter Global, Magic Fund, CMT Digital, and 4DX Ventures portion Adaverse and Base Ecosystem Fund were the 2 caller investors.

The startup’s latest fundraising occurrence came astir a twelvemonth aft it mislaid entree to a stash of stablecoins which were held astatine the present defunct cryptocurrency speech FTX. As reported by Bitcoin.com News successful November 2022, Nestcoin initially responded to the nonaccomplishment of entree to integer assets worthy millions of dollars by reducing its worker headcount.

According to a Techcrunch report, the nonaccomplishment of entree to funds besides forced Nestcoin to re-evaluate its concern model. Commenting connected what the re-evaluation process has done for the startup, Yele Bademosi, the CEO of Nestcoin, said:

“During this modulation period, we were trying to marque the champion determination erstwhile determination were nary bully decisions. It helped that we were unfastened and transparent with our investors and community. We had to marque pugnacious decisions regarding cutting merchandise lines. We had to modulation from a task workplace and concern holding institution to a single-product company.”

Meanwhile, the study revealed that Nestcoin is readying not lone to usage the raised funds to bolster its finances but besides to make its non-custodial wallet further.

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