Nestcoin, a prominent DeFi (Decentralized Finance) firm, has made a significant announcement regarding its latest successful funding round, amassing an impressive $1.9 million, for its Digital Wallet, Onboard. The company characterizes this achievement as a strategic funding endeavor.
According to a press release shared with Technext, Hashed Emergent led the funding round, with participation from a diverse group of global investors, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and several individual angel investors.
Capital Infusion Set to Drive Expansion of Onboard Wallet
Notably, this funding round serves a crucial purpose, which is to fortify Nestcoin’s financial standing. This move follows the startup’s unfortunate entanglement in the FTX exchange crisis that transpired late last year.
The primary objective of this capital infusion is to propel the growth of Onboard, a digital financial application designed to grant universal access to financial services.
Yele Bademosi, Co-Founder and CEO of Nestcoin expressed the company’s unwavering commitment to the idea that top-notch financial services should be accessible to everyone, regardless of their geographic location. He emphasized their goal of creating a user-friendly self-custody digital wallet.
Vincent Li, Founding Partner at Adaverse, lauded Nestcoin’s pioneering role in Africa’s financial revolution, where national borders have transitioned from obstacles to pathways of opportunity. Li hailed Onboard as a brilliant next-generation concept poised to contribute to sustainable economic models, aligning seamlessly with Adaverse’s mission for sustainable development.
Tak Lee, CEO & Managing Partner at Hashed Emergent, enthusiastically supported Nestcoin, citing the impressive track record of the founding team with products like Bundle and Carbon. He expressed confidence in Nestcoin’s ability to create a retail crypto product tailored for African users.
Lee emphasized that Africa, with its youthful and rapidly expanding population, requires a user-friendly design and self-custody infrastructure for widespread crypto adoption, an approach that harmonizes with Hashed Emergent’s web2.5 thesis.
Nestcoin, established in February 2021, focuses on building, investing in, and operating web3 and non-custodial products across various sectors, including Decentralized Finance (DeFi), media, digital art, and gaming. The company faced workforce challenges during the FTX contagion in November 2022, leading to layoffs and wage cuts for the remaining staff.
Despite these setbacks, Nestcoin resurfaced in the spotlight four months ago when Metaverse Magna (MVM), an African gaming community incubated by Nestcoin, announced a successful $3.2 million funding round. The gaming company transitioned into a social gaming and eSports platform named Hyper, offering players opportunities to earn rewards in crypto.
CEO Yele Bademosi highlighted Nestcoin’s commitment to fostering innovation and supporting emerging businesses that make crypto accessible, exemplified by the autonomy granted to MVM to steer its path and contribute to the growth of the Web3 ecosystem.
With this latest funding round, Nestcoin is back in the limelight, featuring Onboard—a digital money app that delivers cutting-edge financial services.
Onboard Wallet, part of this initiative, offers users a seamless experience, a seedless wallet, and direct fund transfers to bank accounts without relying on centralized exchanges.
This marks the beginning of Onboard’s mission to provide its community with straightforward and delightful financial options, reducing dependence on traditional trust-based systems, as announced by Nestcoin.