Nestcoin has repositioned from a venture studio and investment holding company to focus on a single product, Onboard. Onboard, launched in April, is a noncustodial wallet that lets users access keys via email instead of seed phrases and offers instant stablecoin-to-local-currency conversion and a P2P marketplace. The company claims over 10,000 users and plans features including rewards, credit, fast payments, and a virtual card to spend stablecoins across 160+ countries. Nestcoin was materially affected by the FTX collapse, losing millions in assets and cutting headcount; it previously raised $6.45 million in early 2022. The firm says the new funds will shore up finances and help scale Onboard beyond the continent. Onboard is integrated into Coinbase’s Base ecosystem, and Nestcoin has previously raised capital from Binance and FTX and now receives support from Base/coinbase through the Base Ecosystem Fund. Nestcoin builds, operates and invests in consumer-focused, non-custodial web3 products across DeFi, media, digital art and gaming. Its product initiatives include a media arm (Breach) for bite-sized crypto education, a gaming guild (Metaverse Magna) that lends Axies to players under revenue-sharing, and planned DeFi product launches by Q2. The company has about 6,000 subscribers to its educational content; MVM received over 2,000 applications and currently has 400 live gamers with a near-term target of 1,000. Nestcoin also invests in other web3 projects (publicly disclosed: Lazerpay and backing AltSchool Africa) and has experimented with social tokens in partnerships. The team spans nine countries and the firm says it may eventually raise an independent fund to participate in deals and investments. Nestcoin has set audacious user targets including one million monthly transacting users, up to 50 million monthly active users, and one million users holding $10,000 in their wallets.

Total raised

$8M

Funding rounds

2

Latest round

Equity

Latest activity

Sep 2023