Nestcoin, a Nigerian tech startup, says it has secured $6.45 million pre-seed capital to accelerate crypto adoptions and web3 operations in frontier markets.
Nestcoin is a technology company that develops and manages web3 apps — an idea for a new iteration of the world wide web-based on the blockchain, which incorporates concepts including decentralisation and token-based economics.
Founded in November 2021, the company said the fundraising was led by Distributed Global, Alter Global, Serena Ventures, Alameda Research, and A&T Capital.
Other institutional investors include MSA Capital, 4DX Ventures, Raba Capital, Goat.VC, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, Gumi Cryptos Capital, Defi Alliance, among others.
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In a statement issued on Tuesday, Nestcoin said it would use the funding to provide the gateway for young people to discover and participate in crypto.
Yele Bademosi, co-founder of Nestcoin, said the fund would help accelerate crypto adoption and financial freedom for people in frontier markets.
“We are excited that our investors are backing this ambitious plan to create a future where billions of people in frontier markets have access to the opportunities that crypto brings,” Bademosi said.
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“We will continue to grow our diverse team, which already spans nine countries, expand our product offerings, and invest in more ventures aligned with our vision.”
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