AFRICA – Web3 application builder Nestcoin raised US$6.45 million in pre-seed capital to enable the company to expand its global operations and invest in building products that will help accelerate crypto adoption and financial freedom for people in frontier markets.
The investment comes at a crucial time when Africa is trying to gain a foothold in the new economy and overcome the disappointment of Web 2.0 concentrating economic prosperity and access to opportunities in developed markets.
Africa is currently the third-fastest growing crypto economy in the world.
Nestcoin founders Yele Bademosi and Taiwo Orilogbon are betting that Web3 will have a similar impact to mobile technologies that helped the continent leapfrog its telecommunications deficit and unlocked economic opportunities.
Between July 2020 and June 2021, Africa’s crypto market grew by US$105.6 billion, a 1 200 percent increase, making it the third-fastest growing cryptocurrency economy in the world.
Currently, peer to peer transactions and retail trading are two of the biggest drivers of crypto adoption on the continent.
“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 bring,” says Nestcoin CEO Bademosi.
“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.”
Proof of Nestcoin’s global mission and the potential within the identified market lies in the global group of investors that have shown their support.
Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, DeFi Alliance, and others have all put their money and faith into the project.
In 2021 the company launched Breach, its media arm created to advance crypto education globally, and Metaverse Magna (MVM), a crypto gaming guild that helps users earn up to $1 000 per month. Nestcoin also has several other products in the pipeline, designed to provide compelling use cases for crypto.
Nestcoin has also invested in Lazerpay, which allows businesses to accept payment in crypto, and collaborated with Davido and Bitsika to launch the E-choke social token.