The FTX contagion has made its way into Africa, forcing Nestcoin, a Nigerian startup to shutter, laying off half of its 100 staff in the process.
Reports have it that Yele Bademosi, the Co-founder and CEO of Nestcoin, is now reaching out to tech companies, scouting for jobs for some of his sacked employees.
According to Bademosi, Nestcoin stored a significant proportion of its stablecoin investment on the FTX Exchange.
Due to FTX’s insolvency, Nestcoin’s hope recovering those investments is now hanging in the balance.
Prior to FTX’s collaspe, Nestcoin, kept about $4 million in stablecoins and cash with FTX.
