FTX processed billions of dollars in Africa on a monthly basis before going bankrupt

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Nestcoin, one of the African startups leading crypto and web3 efforts, announced the layoff of several employees. According to people familiar with the situation, at least 30 employees from various departments were let go, and those who remained were given pay cuts of up to 40%.

According to chief executive officer Yele Bademosi, the news is related in part to the demise of crypto exchange FTX. Bademosi broke the news in a letter to investors that was attached to a tweet. He admitted that Nestcoin had $4 million in assets in the bankrupt crypto exchange platform FTX to manage operational expenses, according to the Financial Times. Because the Bahamas-based company is in bankruptcy, most FTX customers have been unable to withdraw funds from the platform.

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FTX processed billions of dollars in Africa on a monthly basis before going bankrupt

Nestcoin, one of the African startups leading crypto and web3 efforts, announced the layoff of several employees. According to people familiar with the situation, at least 30 employees from various departments were let go, and those who remained were given pay cuts of up to 40%.

According to chief executive officer Yele Bademosi, the news is related in part to the demise of crypto exchange FTX. Bademosi broke the news in a letter to investors that was attached to a tweet. He admitted that Nestcoin had $4 million in assets in the bankrupt crypto exchange platform FTX to manage operational expenses, according to the Financial Times. Because the Bahamas-based company is in bankruptcy, most FTX customers have been unable to withdraw funds from the platform.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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