Nigerian Startup Nestcoin Web3 Secures Funding Worth $1.9 million According to reports, both current and new investors have contributed a total of $1.9 million to the Nigerian Web3 startup Nestcoin. The funds raised will be utilised to strengthen Nestcoin’s finances and advance the non-custodial wallet technology being developed by the business.
FTX’s Collapse Impact on Nestcoin
According to a source, Hashed Emergent just led a strategic financing round that netted the Nigerian Web3 firm Nestcoin $1.9 million. Alter Global, Magic Fund, CMT Digital, and 4DX Ventures are among the current investors who took part in the round; Adaverse and Base Ecosystem Fund were the two new investors.
Nearly a year after it lost access to a collection of stablecoins stored at the now-defunct cryptocurrency exchange FTX, the business saw its most recent fundraising triumph. As noted by Bitcoin.com News in November 2022, Nestcoin first decreased its workforce in response to the loss of access to digital assets worth millions of dollars.
Nestcoin Survived until This big Break
A Techcrunch story claims that Nestcoin was forced to reconsider its business strategy as a result of losing access to funds. Yele Bademosi, CEO of Nestcoin, commented on what the re-evaluation procedure has done for the firm.
“We tried to make the greatest choice possible during this transition phase even though there weren’t any decent options.” We were open and honest with our community and investors, which was beneficial. In order to eliminate product lines, we were forced to make difficult choices. We had to change from being a venture studio and investment holding company to a firm that only sold one product.
In the meantime, it was stated in the report by jerrymusa.com that Nestcoin intended to use the cash raised not only to strengthen its financial position but also to further the development of its non-custodial wallet.