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Nestcoin’s New Direction
Nestcoin, known for its modern finance project Onboard, has successfully garnered $1.9 million in a strategic funding round. The round was spearheaded by Hashed Emergent, a Web2.5 fund that focuses on builders from emerging markets. Notably, existing investors such as Alter Global, Magic Fund, CMT Digital, and 4DX Ventures also participated. The round saw the inclusion of two new investors: Adaverse and Base Ecosystem Fund.
From Crisis to Reinvention
The cryptocurrency exchange FTX’s collapse last year had a significant impact on Nestcoin, leading to a loss of millions in assets. This setback forced Nestcoin to reevaluate its goals and strategies. Initially, Nestcoin was a hub for various web/crypto products, including Breach (a media platform), Brunch (a crypto-based messaging tool), and Metaverse Magma (a gaming DAO). However, the company has now shifted its focus solely to developing Onboard, with other projects like MVM operating independently.
Onboard: The Future of Modern Finance
The funds from this round will be utilized to bolster Nestcoin’s finances and further its mission with Onboard. This product aims to provide individuals in frontier markets with fair access to economic opportunities. Onboard, a noncustodial wallet, stands in competition with global services like MetaMask and Trust Wallet. Unlike centralized exchanges like Binance and Coinbase, which rely on third parties for asset security, Onboard offers users a more direct control over their assets. CEO Yele Bademosi emphasizes the future of finance where individuals won’t rely on intermediaries to safeguard their assets. Onboard also boasts innovative features that will be unveiled in the coming weeks.
Unique Features of Onboard
Launched in April, Onboard claims to have amassed over 10,000 users. One of its standout features is allowing users to access their keys using emails instead of the traditional seed phrases, which, if lost, can result in the loss of crypto assets. Onboard ensures the security of users’ assets through robust key management and multifactor authentication. Additionally, Onboard is working on a virtual card product, enabling users to spend stablecoins across more than 160 countries.
Investor Perspective on Blockchain Technologies
In 2021, the investment in blockchain technologies reached an all-time high of $25.2 billion, driven by the surge in NFTs, DeFi, and web3 projects. However, the investment landscape has become more conservative recently. Despite the challenges, Bademosi has successfully secured investments from major players like Binance, FTX, and Coinbase through the Base Ecosystem Fund.
Integration with Base Ecosystem
Base Ecosystem Fund, which supports projects built on Base (a developer-friendly Ethereum L2 developed by Coinbase), has invested in Nestcoin. Onboard is a part of the Base ecosystem of decentralized apps (dApps). Bademosi views Onboard as a global product, even though its primary clientele currently hails from Nigeria.
In conclusion, Nestcoin’s journey, from facing challenges to reinventing its objectives and securing significant investments, highlights the dynamic nature of the crypto world. With products like Onboard, the future of finance seems to be shifting towards more direct control and security for users.
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