Nestcoin, the parent company of Onboard, a digital wallet has received $1.9 million in a strategic investment round.
The financing was led by Hashed Emergent, a Web2.5 fund for developers in emerging areas. Existing investors Alter Global, Magic Fund, CMT Digital, and 4DX Ventures participated. Two new investors, Adaverse and Base Ecosystem Fund, also took part in the funding round.
Since the collapse of the cryptocurrency exchange FTX about a year ago, Nestcoin, which raised $6.45 million at the beginning of 2022, has lost millions in assets.
Nestcoin also laid off some of its workforce at the height of FTX’s fall. For clients in frontier markets, the company intended to develop, invest in, and run Web3 products in the areas of decentralised banking, media, digital art, and gaming.
Nestcoin’s CEO Yele Bademosi told TechCrunch that these unanticipated occurrences forced the company to reconsider its goals. New web/crypto products were once tested on the two-year-old startup.
The startup was home to the media platform Breach, the cryptocurrency-based group messaging service Brunch, and the gaming DAO Metaverse Magma, which raised $3.2 million in September of last year. However, Nestcoin is currently presenting itself as an Onboard development company. MVM, which was spun out, is currently independent.
Nestcoin intends to use the funds not only to strengthen its financial position but also to carry out its aim of giving people in frontier markets equitable access to economic opportunities through the creation of Onboard.
According to the company, Onboard will assist Africans who are unable to access financial services or opportunities to increase their wealth due to geographical restrictions or a lack of confidence in the continent’s financial systems.
