ChainCatcher news, Nigeria-based Web3 startup Nestcoin announced the completion of a new funding round of $1.9 million, with participation from Adaverse, Base Ecosystem Fund, Alter World, CMT Digital, Magic Fund, 4DX Ventures, and a group of angel investors.Nestcoin had previously suffered losses due to holding investment funds in FTX. The new funds will be used to build the non-custodial cryptocurrency wallet Onboard and to expand its newly established cryptocurrency training platform Breach and the cryptocurrency gaming association Metaverse Magna (MVM).

ChainCatcher news, according to Tech Crunch, African Web3 startup Nestcoin's CEO Yele Bademosi stated that the company's operating expenses (cash and Stablecoin) were on FTX, leading to layoffs. According to two informed sources, the layoffs at Nestcoin will affect at least 30 employees from subsidiaries, including Breach, Brunch, and MVM. Sources say that the salaries of those who were not laid off will be reduced by 40% compared to before.Additionally, Nestcoin's products are DeFi protocols and non-custodial in nature, so they have never held customer funds, and this incident does not affect their clients' finances.Previously reported, Nestcoin announced in February that it had completed a $6.45 million funding round, led by Distributed Global and Alter Global, with participation from Serena Ventures, Alameda Research, A&T Capital, MSA Capital, and 4DX Ventures. (source link)