Nigerian Web3 Startup Says Funds Are Stuck With FTX.

Nestcoin, a Nigerian Web3 startup that will receive investment from Alameda Research in 2021, revealed on November 14 that a significant proportion of the stablecoin investment in FTX is unfilled. According to the startup’s CEO, the exit of some employees allows the company to work and focus on more decentralized crypto, which is a successful program and effort.
If we look at the entire report and analyze it, we find that the Nigerian web startup informed all its investors on November 14 that the organization has decided to withdraw funds stuck with the crypto exchange as determined by its day-to-day activities. Trying to get out. Regarding web3 startup, he said that after evaluating and analyzing our business situation, we have come to the conclusion that the decision to let go of some employees is first of all justified and overall good for our company as we get more from this. More so, the morale to work on the future and the opportunity to focus.
According to a statement signed by the startup’s CEO Yele Bademosi and shared on web3, the company was no longer a defunct crypto exchange and trading based on crypto assets. Being used as protection for fiat money and other wallets. Bademosi explained that he is matching a significant proportion of his stablecoin investments to his daily operating budget and is using the exchange and FTX as custodians to support him.
Talking about the layoffs and this decision, Bademosi insists that it was absolutely appropriate and a well thought out step which we appreciate and are proud of our step as Nescoin is a It was necessary and allowed to work in the right direction and focus on building a decentralized crypto future where no single organization and individual can amass enough power to influence an industry and have There is power. He works with all his might.
Amidst his announcement, in another tweet, Nestcoin CEO claims that now his will and his aim and his next step is to help the workers to find employment elsewhere and secure their future.