Image Credit: Photo by Alexander Mils on Unsplash
Modern finance project, Nestcoin, a development company that’s the brains behind the Onboard project, has recently raised a substantial $1.9 million in a strategic funding round. The forerunner in this investment round was Hashed Emergent, a Web2.5 fund that’s committed to supporting builders from emerging markets. Besides Hashed Emergent, the funding round saw participation from a mix of Nestcoin’s existing investors and new ones.
Among the existing investors were established names like Alter Global, Magic Fund, CMT Digital, and 4DX Ventures. The new investors who played a part included Adaverse and Base Ecosystem Fund.
It’s been almost a year since Nestcoin was hit by the fallout from the collapse of cryptocurrency exchange FTX. This event had a significant impact on the company, which had managed to gather $6.45 million in early 2022. The implosion led to Nestcoin losing millions in assets, including cash and stablecoins.
This unexpected turn of events called for a comprehensive reassessment of Nestcoin’s goals, as elucidated by CEO Yele Bademosi. The company, which was once a proving ground for fresh web/crypto products, was forced to overhaul its business model. It had to transition from its former identity as a venture studio and investment holding company to a company focused on a single product.
Nestcoin aims to use the newly raised capital to bolster its financial position and continue its mission of creating Onboard. The company believes that Onboard will offer equitable access to economic possibilities for individuals in frontier markets. Onboard, a noncustodial wallet, is set to compete with global services such as MetaMask and Trust Wallet, as well as domestic services like Ejara.
Onboard has been designed to be a noncustodial wallet, providing a secure space for users to store and protect cryptocurrencies, digital assets, and tokens. It is a direct competitor to global services like MetaMask and Trust Wallet, as well as local services such as Ejara. The goal is to provide users with a platform that doesn’t rely on a third party or middleman for asset safekeeping.
CEO Yele Bademosi believes that this is the future of modern finance. He stated, “We also have many innovative features in the coming weeks. Rewards, credit and being able to pay or receive payments quickly are a few as we use underlying blockchain technology.”
Since its launch in April, Onboard claims to have gained over 10,000 users. A unique feature of Onboard, which sets it apart from other self-custody wallets, is that its users can utilize emails instead of seed phrases to gain access to their keys. This is a significant advantage as losing seed phrases can result in the loss of crypto assets. Onboard, on the other hand, promises to protect its users’ assets with secure key management and multi-factor authentication.
Investments in blockchain technologies skyrocketed a couple of years ago, driven by bullish optimism and a frenzy of purchasing NFTs, DeFi, and web3 projects. In 2021, venture capital investments in blockchain companies hit a record high of $25.2 billion. However, the investment climate has become more cautious recently.
Base Ecosystem Fund has a keen interest in supporting early-stage projects that are built on Base. Base is a low-cost, developer-friendly Ethereum L2 developed by the crypto giant, Coinbase. Onboard is integrated into the Base ecosystem of decentralized apps (dApps), making it a global product, even if its initial clients are primarily from Nigeria.
The CEO of Nestcoin believes that the problem they are solving is global. He stated, “One thing people should expect from us over the coming months is an intentional push beyond the continent’s shores.”
“We’re grateful to be building on Base with Nestcoin and proud to support them with the Base Ecosystem Fund. – Jesse Pollak, creator of Base.”
With the backing of the Base Ecosystem Fund and other investors, Nestcoin and its Onboard project are poised for growth. Despite the challenges faced in the past year, Nestcoin is demonstrating resilience and innovation. The future of modern finance seems set to be shaped by such bold and transformative ventures
