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With the adoption of blockchain and the tech it develops, crypto has led to exciting innovations like non-fungible tokens (NFT), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs). Emerging economies like Nigeria have experienced an explosion in the adoption of crypto and blockchain technology, but a new startup wants to bring more people into the fold by lowering the barrier for entry.
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Nestcoin, A parent company that is the tech idea of Taiwo Orilogbon and Yele Bademosi was launched on November 1, 2021. The company aims to create crypto-native products beyond trading and investments, with a focus on driving the adoption of crypto in Africa. Nestcoin aims to democratize access to economic opportunities presented by crypto and web3, making it simple and accessible to everyday people. Nestcoin wants to help Nigerians first, then other Africans, “exit the status quo” by offering them access to wealth using crypto technology or elements of web 3.0 like NFT, DAOs, and DeFi. On a mission to further deepen crypto adoption in Africa by building out Web3 products, today, 1st February 2022 Nestcoin announced that it raised a $6.5 million pre-seed round. The round was led by Distributed Global, Alter Global, Serena Ventures, Alameda Research, and A&T Capital. Other institutional investors include MSA Capital, 4DX Ventures, Raba Capital, Goat.VC, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, Gumi Cryptos Capital, DeFi Alliance, among others.
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Last year, it launched Breach, a cryptomedia platform to simplify complex crypto topics to a global audience. It later launched one of Africa’s earliest play-to-earn crypto games, Metaverse Magna (MVM), which it says will allow members of its gaming community to earn as much as $1,000 monthly. It has invested in Lazerpay, a crypto startup that allows businesses to accept payment in crypto, and collaborated with FinTech, Bitsika, and its music superstar partner Davido to launch the Echoke social token. Nestcoin has hinted that it is developing several other products to “provide compelling use cases for crypto”. Nestcoin, in a statement, says that the new funding will enable it to expand its global operations and invest in building products that will help accelerate crypto adoption and financial freedom for people in frontier markets. Featured Image Source: TechCabal
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This article was first published on 11th February 2022

eyimegwu-ekene

I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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