First casualties of crypto exchange FTX collapse, pop up in Nigeria


Nigerian crypto wallet startup, Nestcoin, has admitted it was impacted in the FTX crypto exchange bankruptcy.

The CEO of Nestcoin, Yele Bademosi tweeted that his firm was impacted as it invested some of its assets at the now bankrupt exchange, FTX.
Subsequently, the startup has had to lay off some employees due to the business impact.

Nestcoin is one of the startups that received funding from FTX and its sister firm, Alameda Research, as we earlier reported.

Some of the other firms that have owned up to a relationship whith FTX include Chipper Cash, Mara and Bitnob.

More startups are expected to be impacted with more layoffs in the fintech sector in Nigeria.

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