Nigerian crypto startup, Nestcoin, will lay off workers after losing assets to FTX crashThe Co-founder and CEO of Nestcoin, Yele Bademosi, is reaching out to tech companies that could hire some of his sacked employees. 

This comes just a day after the company announced that it was laying off half of its 100 staff due to the fallouts of FTX’s collapse.

Bademosi had earlier explained that Nestcoin stored a significant proportion of its stablecoin investment on the FTX Exchange and that its hope of recovering them is now hanging in the balance. 

Nestcoin, which raised $6.45 million in a pre-seed round earlier this year, kept about $4 million in stablecoins and cash with FTX. Unfortunately, FTX collapsed last week.

Gbadamosi’s plan: Following the inevitable layoffs at Nestcoin, the CEO posted a tweet soliciting engagement opportunities for his ex-staffs. He said:  

  • “At Nestcoin, we’ve been fortunate to have had so many talented people on our team and we want to help them find their next opportunity. If you’d like to hire any of our talented Nesters who are leaving, please email us at” 

The tweet has since gained traction and attracted positive comments, with many tweeps commending the CEO for having the interest of his ex-employees at heart after the unfortunate incident that led to their exit. 

 The Back story: Nestcoin’s pre-seed fund was backed by multiple investors including Alameda Research and Bankman-Fried’s trading shop. Nestcoin’s Bademosi noted that Alameda’s equity in the company was less than 1%. 

With a “significant proportion” of Nestcoin’s operational fund stablecoins and cash) held in FTX, the collapse of the Exchange threw the company into a serious problem leading to the laying off of half of the company’s employees.  

 Nestcoin is an investor in crypto, gaming and digital art.


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