Following a jarring event in the crypto landscape that saw most of its saved assets unrealized, Nigerian Crypto and Web3 startup Nestcoin is making a comeback with an innovative crypto wallet.
Nestcoin's journey has been one fraught with its share of challenges. A significant setback occurred in late 2022, when the cryptocurrency exchange FTX experienced a dramatic collapse, causing Nestcoin to lose millions in assets, including a significant portion of the $6.45 million pre-seed it had saved.
After undergoing a significant restructuring phase, Nestcoin is now reinventing itself and has been able to pool an impressive $1.9 million in funding to drive the success of its crypto product, Onboard, a non-custodial crypto wallet that lets users securely store and protect cryptocurrencies, digital assets, and tokens.
Notably, non-custodial wallets allow users to this flexibility without relying on third-party intermediaries, while custodial wallets, like Binance and Coinbase, entrust asset safekeeping to third parties.
Also, users can enjoy the convenience of instantly converting cryptocurrencies, especially stablecoins, into their local currency, such as the naira, directly through the wallet. According to Nestcoin, its Onboard platform which launched in April, already boasts over 10,000 users.
Nestcoin's primary goal with Onboard is to democratise high-quality financial services empowering individuals in frontier markets, particularly in Africa, who face challenges accessing financial services and opportunities due to location constraints or a lack of trust in their local financial systems.
The funding round was led by Hashed Emergent and featured participation from a global consortium of investors, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and several angel investors.