Nestcoin, a Nigerian tech startup, has announced the acquisition of $6.45 million in pre-seed capital to accelerate crypto adoption and web3 operations in frontier markets.
Nestcoin is a technology company that creates and manages web3 apps — a concept for a new iteration of the world wide web based on blockchain technology that incorporates concepts such as decentralisation and token-based economics.
The company, which was founded in November 2021, said the funding was led by Distributed Global, Alter Global, Serena Ventures, Alameda Research, and A&T Capital.
MSA Capital, 4DX Ventures, Raba Capital, Goat.VC, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, Gumi Cryptos Capital, and Defi Alliance are among the other institutional investors.
Nestcoin said in a statement on Tuesday that the funding would be used to provide a gateway for young people to learn about and participate in cryptocurrency.
Nestcoin co-founder Yele Bademosi stated that the fund would help accelerate crypto adoption and financial freedom for people in frontier markets.
“We are thrilled that our investors are supporting this ambitious plan to create a future in which billions of people in frontier markets have access to the opportunities that crypto provides,” Bademosi said.
“We will continue to expand our diverse team, which now spans nine countries, expand our product offerings, and invest in more ventures that align with our vision.”