Nestcoin raises fund to grow diver team, expand product range
By Jeph Ajobaju, Chief Copy Editor
Nigerian bred startup Nestcoin has raised $6.4 million in pre-seed funding, its first injection since it was co-founded by Yele Bademosi and Taiwo Orilogbon.
Bademosi said Nestcoin will use the fund to grow its diverse team to reach across countries, expand product range, and invest in more ventures aligned with its vision.
The tech startup creates and operates web applications and invests in other companies that has the same portfolio, in order to facilitate the growth of crypto currency and web3 on the African continent.
Democratising access to crypto
“There is a lot of innovation happening within the crypto ecosystem, but without an equivalent dedication to education and simplified user experience, the gaps separating the informed, misinformed and uninformed continue to increase.”
“For many, crypto is merely about trading or investing with little to no applicability beyond that, but this is far from reality,” Bademosi said.
“Crypto is driving an economic revolution, one that would undeniably enrich the lives of those fortunate enough to be a part of the movement, yet many are still in the dark. Nestcoin is here to change this.
“Alongside a remarkable team of digital innovators, our mission is to democratise access to crypto and its many life-changing opportunities.”
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About Nestcoin
Prior to starting Nestoin, Bademosi worked at Binance, before moving in 2019 to start Bundle as CEO, where he was joined by Orilogbon who worked as Chief Technology Officer.
Netcoin was created for various reasons but particularly to utilise the second type of crypto products such as decentralised finance and non-custodial trading of financing activities and make them accessible to the public, according to Bademosi, per Nairametrics reporting.
He said most people only see crypto as a trading product, but it has morphed into an application that everyday people use and love, such as entertainment app, finance, and gaming with potential to reach millions of users across the world.
Nestcoin is modeled after Digital Currency Group (DCG). But Nestcoin products cut across Decentralised Finance, media, digital art, and gaming.
The company is also heavily invested in other web3 motivated startups.
It invested in Lazerpay, a startup which allows businesses to accept payments in crypto, and also in AltSchool Africa, an entry-level tech talent project introducing Africans to software engineering and web3 courses like blockchain.
Nestcoin plans to start a web3 gaming platform where players can game and earn.