Nigerian cryptocurrency and Web3 startup, Nestcoin, has secured $1.9 million in a strategic funding round to support the growth of its latest product, the Onboard Wallet.
Following a significant setback from last year’s FTX crash, which impacted a substantial portion of its $6.45 million pre-seed funding, Nestcoin has shifted its focus to Onboard. This non-custodial cryptocurrency wallet combines the advantages of a custodial wallet.
Previously, Nestcoin had invested in more than 13 African cryptocurrency and Web3 projects, including the now-defunct Lazerpay. Additionally, it developed a cryptocurrency education platform, formerly known as Breach and now rebranded as Compass by Onboard, and Metaverse Magna (MVM), a crypto gaming guild that enables users to earn rewards while gaming.
Yele Bademosi, Nestcoin’s co-founder and CEO, mentioned that MVM is now an independent business entity. Bademosi expressed the vision for Onboard, stating, “We want our members to play a role in shaping the product they desire, empowering them to build the future they envision. Essentially, we are giving you the power to ‘Be Your Own Bank.'”
To bolster the growth of Onboard, Nestcoin has raised $1.9 million in a “strategic funding” round. This funding effort was led by Hashed Emergent and included participation from a global consortium of investors, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and various individual investors.
Bademosi emphasized their commitment to providing universal access to high-quality financial services, regardless of geographic location, through Onboard. The startup envisions Onboard as a secure self-custody wallet for managing digital assets without intermediaries. It offers a seamless user experience, a seedless wallet, and facilitates direct fund transfers to bank accounts without relying on centralized exchanges.
Vincent Li, founding partner at Adaverse, praised Nestcoin as a pioneer of financial innovation in Africa, with Onboard poised to contribute to sustainable economic models.
In the coming weeks, Nestcoin plans to introduce Onboard Virtual Cards, allowing users to spend their cryptocurrencies as easily as traditional cash. This service will enable both online and in-store payments across more than 160 countries.