February 5

Nestcoin Raises $6.45 Million in Pre-Seed Capital to Accelerate Crypto and web3 Adoption in Frontier Markets

Nestcoin, a company building, operating, and investing in web3 applications, announces that it has raised $6.45 million in pre-seed capital. This new funding will enable the company to expand its global operations and invest in more products to accelerate crypto adoption and financial freedom for people in frontier markets.

Despite the promises of Web 2.0, economic prosperity and access to opportunities have primarily been concentrated in developed markets. However, history shows that new solutions often take off where the need is strongest. This is evident in how mobile technology successfully leapfrogged Africa’s telecommunications deficit and unlocked economic opportunities.

Between July 2020 and June 2021, Africa’s crypto market grew by $105.6 billion, a 1,200% increase from the same time in the previous year, making it the third-fastest growing cryptocurrency economy in the world. Currently, peer-to-peer transactions and retail trading are two of the biggest drivers of crypto adoption on the continent, but there can be more.

Photo courtesy of Olumide Bamgbelu.

Source: Ventures Africa (link opens in a new window)

Finance, Technology, Telecommunications
cryptocurrency, financial inclusion, telecommunications