Nigerian cryptocurrency and Web3 startup Nestcoin has unveiled a significant pivot towards a new venture known as Onboard. Onboard is a non-custodial cryptocurrency wallet designed to combine the benefits of traditional custodial wallets. This strategic shift comes in the wake of Nestcoin's pre-seed funding of $6.45 million being adversely affected by the FTX market crash last year.
Before this pivotal moment, Nestcoin had actively invested in more than 13 African crypto and Web3 projects, including the now-defunct Lazerpay. The company had also developed various platforms, such as Breach (now rebranded as Compass by Onboard), a cryptocurrency education platform, and Metaverse Magna (MVM), a crypto gaming guild that allowed users to earn while playing. MVM has now transitioned into an independent entity, as noted by Yele Bademosi, co-founder and CEO of Nestcoin.
Bademosi elaborated on this shift, stating, "We aim to empower our members to participate in shaping the products they desire, thereby enabling them to mold the future they envision. We view our previous efforts as building blocks and invite our users to join our community in constructing the ideal financial product. Essentially, we are entrusting you with the ability to be your own bank.'"
In a bid to bolster the growth of Onboard and realize its ambitious vision, Nestcoin has successfully raised $1.9 million in a "strategic funding" round. This funding round was spearheaded by Hashed Emergent and saw participation from a diverse group of global investors, including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and several angel investors.
Bademosi underscored Nestcoin's unwavering commitment to making high-quality financial services universally accessible, regardless of geographical constraints. He articulated, "We firmly believe that access to top-tier financial services should be available universally, irrespective of one's geographical location. We are resolutely dedicated to achieving this objective by crafting an intuitive and user-friendly self-custody digital wallet."
Described by Nestcoin as a secure self-custody wallet for managing digital assets without intermediaries, Onboard Wallet delivers a seamless user experience, a seedless wallet, and a straightforward mechanism for transferring funds directly to a bank account, circumventing centralized exchanges.
Vincent Li, founding partner at Adaverse, expressed enthusiasm for the Nestcoin-Onboard initiative, affirming, "Nestcoin is at the forefront of a financial revolution in Africa, where borders are evolving from barriers into bridges of opportunity. Onboard represents an ingenious next-generation concept poised to contribute to sustainable economic models, perfectly aligning with our mission of sustainable development."
In the coming weeks, Nestcoin has unveiled plans to introduce onboard virtual cards. This service will empower Onboard users to utilize their cryptocurrencies for online and in-store transactions, facilitating payments in more than 160 countries.
The shift towards Onboard signifies a substantial stride for Nestcoin, positioning them at the forefront of the evolving cryptocurrency and Web3 landscape in Africa. As they persist in their commitment to innovation, Nestcoin is redefining the future of financial services on the continent.
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