Nigeria-based global web3 startup, Nestcoin, has raised $6.45 million in pre-seed capital, as it aims to make crypto accessible primarily in frontier markets and their new funding will go toward their mission.
Although the likes of Jack Dorsey, ex-Twitter CEO, and Musk believe the Web3 is just a concept created by VCs to own more of the Internet, Nestcoin believes it can improve lives with it. The startup has promised a decentralized system of ownership on the Internet where ownership will be shared with everyone on Web3 rather than big corporations like Meta and Google owning a large percentage of data.
Before launching Nestcoin, Bademosi was the Director of Binance Labs in Africa, overseeing the incubation and development of blockchain projects when he decided to start Bundle as CEO in 2019. Orilogbon was the company’s chief technology officer.
The global Bitcoin frenzy keeps getting bigger and better and Africa remains one of the top players in cryptocurrency around the globe. Bademosi has maintained that Web3 has the potential to create a more equitable world.
“A lot of these early companies in crypto trading didn’t have a lot of users. So the same way you don’t think of crypto trading as a luxury activity, that’s just because of the evolution of the last three to four years.
“There’s this saying talent is evenly distributed, but opportunity is not. Web3 and crypto is that equalizer between the distribution of talents and the distribution of opportunities,” said Bademosi.
Nestcoin also hopes to introduce its Defi projects by Q2 this year. In addition to that, the company will be exploring ways in which content creators on the platform can earn crypto while educating its 6,000 subscribers with structured learning paths.
Nestcoin has involved itself with other projects like collaborating with crypto-exchange platform Bitsika to launch a social token for Nigerian-American singer, David Adedeji Adeleke (popularly known as Davido). Bademosi said Nestcoin might raise an independent fund to invest and participate in such deals and projects going forward.
The pre-seed round will be used to accelerate its mission of driving adoption and helping Africans create wealth through crypto.