Nigerian crypto startup, Nestcoin, is expected to lay off its workers after the firm reportedly lost all its assets in cash and stablecoins to the collapse of FTX.
According to Nairametrics, as a result of the development, the firm is expected to reduce its workforce in order to sustain its operations.
The firm also emphasized that the incident has no financial impact on its customers, adding that the products Nestcoin has released up to this point are Defi protocols and non-custodial in nature. Therefore, it has never held client money.
Reacting to the development in a message to investors, Co-founder of Nestcoin,Yele Bademosi, described the situation as difficult for the business and the entire crypto industry.
