Earlier today, Yele Badamosi (YB), Nestcoin founder and CEO, released an update to investors publicly detailing how it was affected by the FTX saga.
Nestcoin —
They are an innovative Nigerian-owned web3 startup with a mission to democratize access to economic opportunities presented by crypto and Web3, making it simple and accessible to everyday people, primarily in frontier markets.
This can be seen in the products they build and the investments they make. Last year, the company launched Breach, its media arm created to advance crypto education globally, and Metaverse Magna (MVM), a crypto gaming guild that helps users earn up to $1,000 per month.
They are basically exploring the limitlessness of crypto and blockchain to bring the best of it to everyone.
Nestcoin’s relationship with FTX.
Earlier this year, Nestcoin raised 6.45m from several investors including Distributed Global, Alter Global, Serena Ventures, A&T Capital, Goat.vc, Alameda Research amongst others.
Alameda Research and FTX have one thing in common — Sam Bankman-Fried (SBF).
The rather obvious choice of platform to hold a huge chunk of the raised funds was the closely linked FTX Exchange according to YB’s tweet.
Things have taken a not-so-pleasant turn, however, in what he described as the FTX incident as the bulk of Nestcoin’s operational budget is held in the embattled exchange platform.
As a result, they have to let go of most of their employees, the exact number or percentage is not known at this time.
Nestcoin has only released DeFi products and as such, their customer funds are not impacted.
The entire community wishes other impacted African startups the very best this time with hopes that we all rise again like nothing happened.
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