How Nestcoin survived the FTX crash and pivoted to Onboard

by Digital Brainiacs
0 comment 1 minutes read

On Monday, November 14, 2022, Yele Bademosi, CEO of Nestcoin, announced that a significant portion of its $6.45 million raise in 2021 had been lost in the FTX crash.

FTX, the crypto exchange founded by Sam Bankman-Fried, went bankrupt after news broke that customers’ funds were used for trading in Alameda Research, its sister company.

In the announcement, Bademosi revealed that while Alameda Research only had less than 1% equity in the company, Nestcoin used FTX as a custodian for most of its fund, including cash and stablecoins.

In an interview with Techpoint Africa, Bademosi recounted how he wouldn’t wish last year’s events on his worst enemy. Even after years as an entrepreneur in Africa’s tech space, he said, “It was by far one of the most difficult things that has ever happened to me.”

“I’ve read The Hard Thing About Hard Things before, it definitely felt different reading it again.” Reading about the difficult things entrepreneurs go through is one thing, but…

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