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.
