Nestcoin, a Nigerian startup, has raised $6.4m Pre-seed Funding To Accelerate Crypto, Web3 Adoption In Africa.
The startup launched last November, barely four months.
According to the firm, it would use the funds to scale across African crypto markets.
Disclosing this to newsmen, the startup’s Co-founder, Yele Bademosi, said via Twitter that the fund will help the company expand.
The fund will also help Nestcoin grow grow its products and services.
Particularly, the Nigerian firm is investing heavily in crypto because of the growth potential of the sector.
Keep in mind that between July 2020 and June 2021, Africa’s cryptocurrency market grew by 1,200%, to $105.6 billion.
This is according to data by New York-based research firm Chainalysis.
The data analytics body said Africa’s crypto market is growing because of economic uncertainties, political unrests, high unemployment rates, weak currencies and regional inflation.
As a startup that focuses on cryptocurrency and creating web3 applications Nestcoin sees the growing crypto market in Africa as opportunity.
Meanwhile, the firm also believes that crypto trading alone will not drive the blockchain adoption in Africa.
Consequently, it wants to produce other products, especially web3 products, to help this regional adoption.
Expressing this opinion, Bademosi said thus:
“The first iteration of crypto products were trading products.
“The second iteration has been more around like decentralized finance and non-custodial trading of financing activities.”
“The current situation of crypto, and now more like applications that everyday people use and love, whether it is like consumer applications, finance apps, entertainment, gaming, but these applications now have potential to reach millions of users across frontier markets.
“And that’s sort of what we are trying to do with Nestcoin.”
He added saying thus:
“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 lives of those fortunate enough to be 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.”
Meanwhile, it will interest you to know that Yele Bademosi and Taiwo Orilogbon founded Nestcoin.
Also, Nestcoin has a retinue of products that focus on Decentralized Finance, media, digital art and gaming.