In a significant development in the world of blockchain and cryptocurrency, Nestcoin, a forward-thinking development company, has secured $1.9 million in a strategic funding round. Leading the round is Hashed Emergent, a Web2.5 fund dedicated to supporting builders from emerging markets. With existing investors like Alter Global, Magic Fund, CMT Digital, and 4DX Ventures, the funding also saw participation from new investors, Adaverse and Base Ecosystem Fund. In this blog post, we’ll delve into the details of this investment and what it means for Nestcoin’s flagship product, Onboard.
Nestcoin’s Evolution and Mission
Over the past year, Nestcoin has faced its share of challenges, primarily stemming from the cryptocurrency exchange FTX’s implosion. This event led to significant losses for Nestcoin, prompting the company to make tough decisions, including downsizing its workforce and reevaluating its strategic objectives. Nestcoin had initially aimed to create, invest in, and operate various web3 products across decentralized finance (DeFi), media, digital art, and gaming, serving customers in frontier markets.
However, CEO Yele Bademosi recognized the need for adaptation. As a result, Nestcoin transformed itself into a development firm primarily focused on its flagship product, Onboard, a move that aligns with its mission to provide equitable access to economic opportunities for individuals in frontier markets.
The Onboard Solution
Onboard, which was launched in April, is a noncustodial wallet that competes with both global services like MetaMask and Trust Wallet and domestic services like Ejara. Noncustodial wallets empower users to securely store and protect cryptocurrencies, digital assets, and tokens without relying on third-party custodians, unlike centralized exchanges such as Binance and Coinbase.
One key differentiator for Onboard is its innovative approach to security. Users can access their wallet using their email addresses instead of traditional seed phrases. This approach enhances convenience while minimizing the risk of losing access to crypto assets due to misplaced seed phrases. Onboard also offers robust security features, including secure key management and multifactor authentication.
Onboard’s Impact and Future Plans
Onboard has already garnered over 10,000 users since its launch. The platform’s users can easily convert cryptocurrencies, especially stablecoins, to their local currencies, such as the naira, through the wallet. Additionally, Onboard provides a peer-to-peer marketplace for merchants to profit from trading digital assets. A virtual card product, enabling users to spend stablecoins in over 160 countries, is also in development.
The Future of Modern Finance
Nestcoin firmly believes that the future of modern finance lies in noncustodial wallets like Onboard. This shift represents a transition away from relying on third parties to safeguard assets. The platform plans to introduce several innovative features in the coming weeks, including rewards, credit options, and faster payment capabilities, all built on underlying blockchain technology.
Investor Confidence and the Base Ecosystem Fund
Securing funding in the current crypto landscape, where investor sentiment has become more conservative, is no small feat. Nestcoin’s successful funding round saw participation from reputable investors, including Base Ecosystem Fund, an investment firm that supports early-stage projects built on Base, a low-cost, developer-friendly Ethereum Layer 2 solution developed by Coinbase.
Base Ecosystem Fund’s vision aligns with Coinbase’s goal to onboard over 1 billion users into the crypto economy. Onboard is integrated into the Base ecosystem of decentralized apps (dApps), positioning it as a global product, even though its initial user base consists primarily of tech professionals and enthusiasts in Nigeria. Nestcoin is committed to expanding its reach beyond the African continent in the coming months.
Conclusion
Nestcoin’s recent funding success, led by Hashed Emergent and supported by Base Ecosystem Fund, underscores the potential of noncustodial wallets like Onboard in reshaping modern finance. As the crypto industry continues to evolve, solutions like Onboard offer users greater control over their assets and represent a significant step toward financial inclusion in frontier markets. Nestcoin’s journey serves as a testament to the resilience and adaptability required in this fast-paced industry, and its future endeavors will undoubtedly be closely watched by the crypto community worldwide.
FAQs
1. What is Nestcoin’s main product, Onboard, and how does it differ from traditional cryptocurrency wallets?
Onboard is Nestcoin’s flagship product, and it’s a noncustodial wallet. Unlike traditional wallets, it allows users to access their crypto assets using their email addresses instead of seed phrases. This enhances convenience and minimizes the risk of asset loss due to misplaced seed phrases.
2. Who are the key investors in Nestcoin, and what is the significance of the Base Ecosystem Fund’s involvement?
Key investors in Nestcoin include Hashed Emergent, Alter Global, Magic Fund, CMT Digital, and 4DX Ventures, along with new investors Adaverse and Base Ecosystem Fund. Base Ecosystem Fund’s involvement is significant because it supports early-stage projects built on Base, an Ethereum Layer 2 solution developed by Coinbase, aligning with Coinbase’s goal to onboard over 1 billion users into the crypto economy.
3. How does Onboard plan to empower individuals in frontier markets, and what sets it apart from other crypto wallets?
Onboard aims to provide equitable access to economic opportunities in frontier markets by allowing users to securely store and protect their crypto assets. Its unique feature is the ability to use email addresses instead of seed phrases for access, making it more user-friendly. Onboard also offers additional features like instant currency conversion and a peer-to-peer marketplace for merchants to profit from trading digital assets, further enhancing its appeal.
