Cardano Accelerator, Adaverse Invests in Nestcoin to Catalyze Financial Inclusion in Africa
PRESS RELEASE: September 8, 2023
Adaverse, the leading Cardano accelerator and venture fund with a global presence is pleased to announce its strategic investment in Nestcoin, an innovative Web3 startup focused on expanding access to financial services in emerging markets. This investment will further bolster their flagship product, Onboard Wallet, which has rapidly attracted over 11,000 users since its successful launch in April.
Yele Bademosi, CEO and Co-founder of Nestcoin emphasised the significance of joining Adaverse’s investment portfolio, stating, “Adaverse has shown unwavering support for the Web3 ecosystem in Africa and is recognised as a key investor in this space. We are thrilled to collaborate with fellow Adaverse portfolio companies to make financial services more accessible across Africa and beyond.”
Despite the growing landscape of fintech startups, a substantial gap in financial access persists across Africa. Many on the continent lack access to basic banking services, leading to low financial inclusion and reliance on informal financial channels. High remittance costs and currency depreciation erode earnings and limit economic opportunities. Constraints in accessing credit, high transaction costs, and obstacles to entrepreneurship hinder economic growth and contribute to income inequality.
Nestcoin: Pioneering a Borderless Future for Modern Finance With Onboard
Nestcoin’s journey began in 2021 when Yele Bademosii, an experienced entrepreneur with a background in angel investing and cryptocurrency innovation, co-founded the company. Yele had previously founded Microtraction in 2017, an angel investing firm for African startups, and later served as the inaugural Director at Binance Labs, where he initiated Bundle Africa. In November 2021, Yele, along with Taiwo Orilogbon, co-founded Nestcoin.
Onboard, the flagship product of Nestcoin is a global, mobile-friendly platform that prioritizes accessibility for all. Onboard Wallet offers a user-friendly experience by eliminating intermediaries, featuring a seedless wallet, and facilitating direct fund transfers to bank accounts without relying on centralized exchanges or middlemen. It offers stability with digital USD, ensuring cost-effective and straightforward money transfers. Additionally, it prioritizes affordability, making money transfers as convenient as sending a message on WhatsApp. To guarantee top-notch security, scalability, and reliability, Onboard is built on a public blockchain.
The introduction of Onboard Virtual Cards is a significant milestone. This service empowers users to transact with cryptocurrency as easily as traditional currency, revolutionizing both online and in-store payments across over 160 countries. Adaverse’s strategic investment reinforces Nestcoin’s ability to expand its horizons, develop the Onboard Wallet, and bring financial accessibility to underserved populations in Africa and beyond.
Vincent Li, Adaverse Founding Partner commented on this investment saying, “We are proud to support Nestcoin’s mission to redefine financial access through the innovative Onboard Wallet. Nestcoin is a leader in the financial transformation of Africa, transcending borders and creating new opportunities. Onboard represents a next-generation concept that aligns perfectly with our mission for sustainable development.”
Empowering Africa’s Mobile-Savvy Population with Virtual Cards
While Onboard Wallet caters to a global audience, the introduction of Onboard Virtual Cards holds great potential for Africa’s growing mobile-savvy population. For instance, in West Africa, these virtual cards provide a user-friendly way to seamlessly incorporate digital assets into everyday transactions, promoting widespread adoption and boosting financial inclusion. This innovation directly addresses a crucial issue in Africa, where financial barriers remain a significant obstacle to economic progress.
It is estimated that over 1 billion people worldwide lack access to a bank account, and those who do often find themselves locked into a financial system where their currency consistently loses value against the dollar. This currency depreciation trend was particularly evident in sub-Saharan Africa during Q1 2023. The cost and time involved in international money transfers further exacerbate these challenges, with exorbitant fees and lengthy settlement times. The democratization of financial services is the next frontier in the evolution of the internet, and Onboard Virtual Cards are poised to play a pivotal role in bridging these financial divides.
Shogo Ishida, Co-CEO at EMURGO Middle East and Africa also congratulated Nestcoin on the latest successful raise saying, “Nestcoin’s commitment to democratizing finance in Africa aligns with our vision of fostering economic growth through emerging technologies. EMURGO is excited to support this initiative, delivering innovative financial solutions to underserved communities. We believe that Onboard Wallet and Virtual Cards will play a pivotal role in the growth of blockchain technology and financial inclusion in Africa.”
To learn more about Nestcoin, visit the website here
Adaverse is a Cardano Ecosystem accelerator and incubator in Africa, Asia and beyond. It was established as a collaborative initiative between EMURGO and Everest Ventures Group to support blockchain founders by providing them with essential resources such as funding, mentorship, and robust tech infrastructure to scale their Web3 solutions on a global scale
Since its inception, Adaverse has invested in and accelerated over 45 companies across a variety of sectors, including Web3, exchanges, NFTs, gamefi, DeFi, and proptech.
Web3 startups can apply for Adaverse funding here.