Nestcoin has raised $6.45 million to close its pre-seed round. The Lagos-based company was founded in November 2021 with the aim of building, operating, and investing in web3 applications.
Nestcoin is building crypto-native products beyond trading and investments, with a focus on driving the adoption of crypto in Africa. Yele Bademosi (CEO) and Taiwo Orilogbon (CTO) are co-founders of Nestcoin.
Even though Africa still trails the rest of the world in crypto adoption, growth is evident. According to Chainalysis' report on crypto in Africa, the continent's cryptocurrency market has grown by almost 1,200% in the last one year — more than any other region. This growth puts the Africa's crypto ecosystem value at $105.6 billion as at the time of the report.
Due to global disenfranchisement, inflation, weak governance, economic uncertainty, and high unemployment rates, frontier markets like Africa have stronger reasons than most to adopt crypto. By providing a gateway for young people in these regions to discover and participate in crypto, Nestcoin shows how this new future is possible.
With the new funding, the company will invest in more products to accelerate crypto adoption and financial freedom for people in frontier markets — Africa, Latin America, Asia and parts of Europe.
"Our focus is on users in frontier markets, and we have already acquired users and customers from several countries across different continents", Yele Bademosi told Benjamindada.com, adding that Nestcoin is a fully-remote company with team members from nine countries across the world.
In November 2021, Nestcoin launched Breach, a media platform that's driving crypto adoption through content. "In the months since we launched Breach, we have acquired close to 6,000 subscribers by educating people and breaking down web3 concepts to them. Every week, we publish two newsletters, original content series, and host community events", Bademosi stated.
The company had also unveiled Metaverse Magna (MVM), a crypto gaming guild that helps users earn up to $1,000 per month. Bademosi said: "For MVM, we’ve grown our community to nearly 10,000 people and about 400 active gamers in the first 6 weeks of public operations. These are early days, but we’re moving closer to our goal of creating financial freedom for people in frontier markets".
Nestcoin also has several other products designed to provide compelling use cases for crypto in the pipeline.
Amidst the promises of web 2.0, economic prosperity and access to opportunities have primarily been concentrated in developed markets. However, history shows that new solutions often take off where the need is strongest. This is evident in how mobile technology successfully leapfrogged Africa’s telecommunications deficit and unlocked economic opportunities.
We are excited that our investors are backing this ambitious plan to create a future where billions of people in frontier markets have access to the opportunities that crypto brings. With this financing, we will continue to grow our diverse team, which already spans nine countries, expand our product offerings, and invest in more ventures aligned with our vision.
In its efforts to democratise access to economic opportunities presented by crypto and web3, Nestcoin has invested in Lazerpay to enable businesses to accept payment in crypto. Last November, the company collaborated with Davido and Bitsika to launch the E-choke social token.
Nestcoin is currently backed by a group of global investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Social Capital, Old Fashion Research, CMT Digital, Electric Capital, CoinFund, gumi Cryptos Capital, and DeFi Alliance.
Featured image: Nestcoin's co-founders; Yele Bademosi (CEO) and Taiwo Orilogbon (CTO)