DEAL: Nigerian startup, Nestcoin raises $6.4 million in pre-seed funding

Nestcoin, Nigerian originated startup has announced the raise of $6.4 million in pre-seed funding. This is the first funding the company would be raising since it was founded.

This announcement was made on the Twitter page of Co-founder, Yele Bademosi. The company intends to use this funding to grow its diverse team to reach across more countries, to expand the company’s product range and invest in more ventures aligned with its vision.

Nestcoin is a tech startup that creates and operates web 3 applications. The company also invests in other companies that do the same in a bid to facilitate the growth of crypto and web 3 on the African continent.

What they are saying about the funding

On the plan of the company to create crypto awareness and accessibility and to also educate the public on all that is achievable in crypto, the Co-founder of Nestcoin had this to say;

‘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. 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 democratize access to crypto and its many life-changing opportunities,” he added.

What you should know about Nestcoin

• Nestcoin was founded by  Yele Bademosi and Taiwo Orilogbon. Prior to starting Nestoil, Yele Bademosi worked at Binance, before moving to start Bundle as CEO in 2019, where he was joined by Taiwo Orilogbon who worked in the Company as Chief Technology Officer.
• Netcoin was created for various reasons but particularly to utilize the second type of crypto products such as decentralized finance and non-custodial trading of financing activities and make them accessible to the public.
• According to Bademosi, most people only see crypto as a trading product, but currently crypto has morphed to become an application that everyday people use and love, such as entertainment applications, finance, gaming and they have the potential to reach millions of users across the world.
• Nestcoin is modeled after Digital Currency Group (DCG). The difference however is that Nestcoin’s products cut across Decentralized Finance, media, digital art and gaming.
• The company is also heavily invested in other web 3 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.  In addition to all its other plans, the company intends to start a web3 gaming platform in Africa, where players can game and earn.