Following the FTX crash last year and a dip in capital value, Nigerian crypto and Web3 startup, Nestcoin has announced that it has pivoted to Onboard, a non-custodial crypto wallet with the benefits of a custodial wallet, after raising $1.9 million.
The round was led by Hashed Emergent, with participation from a global consortium of investors including Adaverse, Base Ecosystem Fund, Alter Global, CMT Digital, Magic Fund, 4DX Ventures, and some angels.
Nestcoin had previously invested in around 13 African crypto and Web3 startups. Additionally, it developed the crypto gaming guild Metaverse Magna (MVM) and the crypto education platform Breach (now called Compass by Onboard). Yele Bademosi, co-founder and CEO of Nestcoin, claims that MVM is now a standalone business.
“We want our members to be involved in creating the product they want, so they can create the future they envision. We consider what we have built to be the foundation and invite our users to join our community to build the ideal financial product. Essentially, we are giving you the power to ‘Be Your Own Bank.
“We firmly believe that access to high-quality financial services should be universally available, regardless of one’s geographical location. We are committed to achieving this goal by creating a delightful and simple-to-use self-custody digital wallet,” says Bademosi.
Onboard was referred to as a safe self-custody wallet for handling digital assets directly without the use of middlemen. In a statement from Nestcoin, it noted that Onboard Wallet offers a seamless user experience, a seedless wallet, and a simple method of transferring money directly to a bank account without going through a centralized exchange.”
As a self-custody digital wallet, Onboard allows users to securely store their cryptocurrencies, digital assets, and tokens while keeping them private. Unlike centralized exchanges, where users give custody of their assets to a third-party platform, a self-custody wallet lets them control their assets because they manage them themselves.
Vincent Li, the founding partner of Adaverse, claims that Nestcoin “represents the vanguard of a financial revolution in Africa, where borders have converted from barriers into bridges of opportunity. Li asserts that the goal of sustainable development is ideally aligned with Onboard, a remarkable next-generation idea positioned to contribute to sustainable economic models.
Nestcoin announced that it will introduce Onboard Virtual Cards in the next weeks. With this service, Onboard customers will be able to use their cryptocurrency as easily as cash and make purchases in more than 160 countries both online and offline.