Nestcoin, a company building, operating, and investing in web3 applications, announces that it has raised $6.45 million in pre-seed capital. This new funding will enable the company to expand its global operations and invest in more products to accelerate crypto adoption and financial freedom for people in frontier markets.
Despite 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.
Between July 2020 and June 2021, Africa’s crypto market grew by $105.6 billion, a 1,200% increase from the same time in the previous year, 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, but there can be more.
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.
Co-founded by Yele Bademosi and Taiwo Orilogbon, Nestcoin is a globally-facing venture collective. As proof of this global mission and the potential that lies ahead, Nestcoin is backed by a global group of investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat Capital, Social Capital, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, DeFi Alliance, among others.
Yele Bademosi, Nestcoin’s CEO, says, “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.”
Last year, 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. To further its mission, Nestcoin has invested in Lazerpay, which allows businesses to accept payment in crypto, and collaborated with Davido and Bitsika to launch the choke social token, among many others.
Nestcoin is a new, innovative venture with a mission to democratise access to economic opportunities presented by crypto and Web3, making it simple and accessible to everyday people, primarily in frontier markets.