Tennis superstar and internationally recognized figure Serena Williams has decided to use her company, Serena Ventures, to invest in a company that can help to continue to drive the rate of crypto adoption within Africa even further than it already has before.
Serena Ventures, along with the likes of venture capital firms Distributed Global and Alter Global, as well as Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, and a few others all participated in a funding round that would help Nestcoin to build products for the African markets that would allow residents to understand and adopt crypto.
It has been revealed that Nestcoin was able to raise funds of $6.45 million in pre-seed funding by the beginning of February and it is rather clear that the company has intentions of driving crypto adoption within the continent since being formed by Yele Bademosi and Taiwo Orilogbon and launching in November 2021.
Crypto adoption is already popular
As mentioned, crypto adoption within Africa is already rather high within certain countries around the continent, with places including Nigeria, Ghana, South Africa, and Kenya have already shown interest, whilst their populations appear to have embraced virtual currency.
Indeed, many are already using it for a variety of different reasons, including gambling as they see it as an opportunity to help increase their financial wealth. Many use a crypto casino online to play the best games they possibly can because of the benefits that they are able to enjoy when using crypto. These typically include the potential of being able to eliminate cross border discrimination that may be experienced, whilst also being afforded enhanced security and privacy, as well as potentially being able to see their money be worth more than it would be if they were to use fiat currency because of the inflation that can be experienced.
There is no doubt that crypto gambling has become rather popular around the world, though, with Axie Infinity having already helped thousands of gamers in the Philippines to earn up to three times the minimum wage despite a 40% unemployment rate.
Nestcoin has a variety of projects that shows intentions clearly
Breach is a crypto education media resource that was launched first and will provide a number of different initiatives that will make crypto information to become more accessible. For instance, Breach is floating a program that will work with creators to produce varieties of crypto content that should then help to facilitate the creation of inclusive, relatable, and accessible content.
In addition to Breach, Nestcoin has also launched Metaverse Magna, which is a gaming guild that the company has explained will help its gamers to earn up to $1,000 each month. There are approximately 400 scholars already involved, although there are plans to have that number grow to 1,000 before the second quarter.
Lazerpay is another project that Nestcoin has since invested in, as well, with the service allowing businesses to accept crypto payments. A 2021 Chainalysis report showed that crypto exchanges had been expiring routine upticks in signups during periods of inflation and currency devaluation, which shows that some were looking to adopt crypto as a way to preserve their wealth and buying power.
However, due to the fact that many businesses do not accept or do not have the facility to accept crypto payments, many are forced to reconvert their crypto back to fiat currency.
Competitive market
Nestcoin does, though, have a few startups that they need to compete with in order to try and be as successful as possible. Afriguild is a direct competitor to Metaverse Manga, whilst Lazerpay competes with a number of services including Busha, Fluidcoin, Paychant, and Payourse.
