Nestcoin Raises $1.9 Million in Funding Round Led by Hashed Emergent
Nestcoin, a Nigerian Web3 startup, has secured $1.9 million in a strategic funding round led by Hashed Emergent. Existing investors such as Alter Global, Magic Fund, CMT Digital, and 4DX Ventures also participated in the round, while Adaverse and Base Ecosystem Fund joined as new investors. This fundraising success comes almost a year after Nestcoin lost access to a significant amount of stablecoins held at the now-defunct FTX exchange.
Re-evaluating Business Model and Tough Decisions
The loss of access to funds forced Nestcoin to re-evaluate its business model. CEO Yele Bademosi mentioned that the startup had to make tough decisions, including cutting product lines and transitioning from a venture studio to a single-product company. Despite the challenges, Nestcoin remained open and transparent with its investors and community during the transition period.
Plans for the Raised Funds
Nestcoin intends to use the raised funds not only to bolster its finances but also to further develop its non-custodial wallet. This indicates the startup’s commitment to enhancing its product offerings and expanding its services in the Web3 space.
Hot Take: Nestcoin’s Resilience Shines Through
Nestcoin’s ability to secure funding and adapt its business model after the collapse of FTX demonstrates its resilience in the face of adversity. Despite the setback, the startup has shown transparency and made tough decisions to ensure its sustainability. With the raised funds, Nestcoin can strengthen its financial position and continue innovating in the non-custodial wallet space. This success story highlights the importance of resilience and adaptability in the volatile world of cryptocurrencies.
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