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- Nestcoin is a digital protocol established in February.
- Yele worried about his employees.
According to reliable reports, it is noted that more than one billion user funds are stuck on the FTX exchange, and the news of Sam Bankman-Fried’s resignation has left users surprised and disappointed.
According to local news outlets in Nigeria, Nestcoin, a Nigerian startup firm, is badly affected after the FTT token and FTX exchange crash.
Nestcoin has dismissed its employees as its startup fails to function appropriately after the massive disbalance of the FTX exchange and its important backing.
Nestcoin is a digital protocol established in February with a motto to build, operate, and invest in crypto-related products like Web3 and non-custodial products for users in the mainstream market across Decentralized Finance(Defi), digital art, and gaming.
Yele Badamosi heads Nestcoin, and he is the current operational Chief Executive Officer. Yele posted a kind of Information letter for its users about how the company was affected after the FTX collapse.
The letter explains the effects of the FTX exchange collapse on Nestcoin, and the CEO of the startup expressed his gratitude for the departure of colleagues.
Yele also notes that it is quite difficult for us to do so with our employees, but we are really scared of market conditions.
Although it is also noted in bold, “The products Nestcoin has released to-date are DeFi protocol and non-custodial in nature and as such we have never held customer funds and this incident has no impact on our customers financially.”
Yele quoted that “while this is a challenging time for us and the industry as a whole – we see this as a wake-up call to focus on building a more decentralized crypto future where no one organization or person can amass enough power to influence a nascent industry that has the potential to do good.”
Earlier on 5 September 2022, Nestcoin announced that Metaverse Magna has completed a $3.2 million seed sale token round to expand its efforts to build Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.
Nestcoin came into the limelight of massive investors after successfully testing its Web3 product in the crypto industry.
FTX crypto exchange was among the top three biggest crypto exchanges globally, which filed its bankruptcy on 11 November 2022.
FTX group of companies has invested in more than fifty plus companies, and Sam Bankman Fried, the company’s ex-CEO, was among the youngest billionaire globally.
FTX exchange collapsed a day before its bankruptcy after a clash between FTX exchange and one other leading market crypto exchange.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
