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About Nestcoin
Nestcoin is a Nigerian crypto company focused on making digital finance accessible in emerging markets. Its core business revolves around building and operating crypto-native products, including Onboard, a wallet that supports multiple digital currencies and stablecoin payments, and Metaverse Magna, a play-to-earn gaming platform. The company's key strength lies in simplifying complex blockchain technology for everyday users, especially African creators and freelancers who struggle with traditional banking limitations. It addresses the pain point of cross-border payments and dollar access by enabling users to receive, store, and spend stablecoins like USDC without needing a local US dollar bank account. This solves a critical problem for online workers who often face payment delays and high fees. However, as of the period from March to September 2026, no reliable public information is available regarding Nestcoin's specific developments or updates. The company has faced challenges in the past, including exposure to FTX collapse in late 2022, which led to layoffs, but it has since pivoted to more sustainable products. Overall, Nestcoin's competitive edge is its deep understanding of African crypto adoption and its ability to build user-friendly tools that bridge the gap between traditional finance and decentralized finance.
Founded in November 2021 by Yele Bademosi and Taiwo Orilogbon, Nestcoin was positioned as an Africa-focused Web3/crypto "venture collective," launching Breach, a crypto education platform, and Metaverse Magna, a play-to-earn gaming guild. In February 2022, it raised a $6.45 million pre-seed round, then the second-largest in Africa, to build products and invest in Web3 projects .
In November 2022, the FTX collapse hit Nestcoin hard: most of its treasury was held on FTX/Alameda. After significant losses and about 30 layoffs, no customer funds were lost . The company then pivoted sharply, focusing on Onboard, a non-custodial wallet enabling fiat-crypto conversions, delivering "non-custodial product with custodial feel." In 2023, Onboard raised $1.9 million to scale across Africa . These moments mark its shift from a multi-product incubator to a focused wallet, and its resilience through industry crisis.
During the review period (2026-03-12 to 2026-09-12), Nestcoin's most significant regulatory milestone was admission into Nigeria's SEC Accelerated Regulatory Incubation Programme (ARIP) in July 2026, receiving Approval-in-Principle to operate as a digital asset service provider under regulatory sandbox conditions. This aligns with its post-FTX-crash strategic pivot toward self-custody and compliant crypto solutions. While official roadmap disclosures remained limited, Nestcoin's public positioning continues to emphasize building a modern banking app for African creators, with a renewed focus on trustless DeFi protocols and non-custodial products. The company has not announced major new product launches or funding rounds during this window, suggesting a period of consolidation and regulatory alignment rather than aggressive expansion.
Yele Bademosi: Co-founder & CEO. Former Director of Binance Labs Africa; founded Bundle Africa; Founding Partner at Microtraction; Co-creator of Onboard. Nestcoin (est. 2021) aims to drive crypto/Web3 adoption in Africa.
Joseph (Taiwo) Orilogbon: Co-founder & CTO. Former CTO of Bundle Africa; previously led engineering at Carbon, Jobberman, and others. He oversees Nestcoin's technology and engineering teams.