One of the largest web3 and cryptocurrency startups in Africa, Nestcoin, reported the termination of numerous staff. At least 30 employees from various departments were laid off, and those who remained received salary reductions of up to 40%, according to persons with knowledge of the matter.
Yele Bademosi, chief executive officer, claims that the announcement is partially connected to the closure of cryptocurrency exchange FTX. In a letter to investors that was attached to a tweet, Bademosi announced the information. According to the Financial Times, he acknowledged that Nestcoin had $4 million in assets in the defunct cryptocurrency exchange site FTX to handle operating costs. The majority of FTX users have been unable to withdraw money from the platform since the Bahamas-based company is bankrupt.