A Nigerian web3 startup named Nestcoin, which held its assets in terms of cash and stablecoins in FTX, announced that it was firing some of its staff in order to keep operational expenses under control.
Nestcoin was launched in November 2021, and it has raised capital from a range of investors within this 1-year establishment, including Alameda Research, a quantitative trading firm and corporate sibling of FTX.
Nestcoin's founder, Yele Bademosi, explained through a tweet that Alameda's equity is less than 1% and that they had been utilizing FTX as a custodian to store a significant proportion of stablecoin investment for their day-to-day operating budget. Nestcoin clarified that it did not participate in any trading with FTX but solely had its assets custodied on the FTX exchange...
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