Nigerian Web3 startup Nestcoin plans to launch Alameda Research revealed on Nov. 14 that a “substantial proportion of stablecoin investment” remained in FTX. According to the startup CEO, laying off some employees will allow the company to focus on building a more decentralized cryptocurrency future.
FTX to be used as custodian for Nestcoin’s stablecoin
Nigerian Web3 startup Nestcoin announced to investors on November 14 The funds allocated for the day-to-day activities of , are stuck on the collapsed cryptocurrency exchange FTX. Web3 startup said the decision was made to let some employees go after reassessing its business position.
https://twitter.com/YeleBademosi/status/1592144271163142145/photo/1
According to a statement signed and shared by his CEO of the startup, Yele Bademosi, the Web3 company is now defunct. I did not trade virtual currency on a virtual currency exchange. Instead, Nestcoin, which is backed by Alameda Research, primarily used his FTX as a fiat currency and stablecoin custodian.
“As custodians that hold most of the stablecoin investments we raise for our daily operational budget, we are closely related exchanges. He We used FTX,” Bademosi explained.
“The Future of Decentralized Cryptography”
said Nestcoin was “justified because it allows them to focus on building a more decentralized cryptocurrency future.”
Meanwhile, following this announcement In a tweet, the Nestcoin CEO claimed that his current desire is to help displaced workers secure employment elsewhere.
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