Nested, a DeFi social trading platform based on financial NFTs, announced that it raised $7.5 million (around €6.7 million) in a Series A funding round.
The funding round was led by digital asset investor Alan Howard with participation from Republic Capital, Kenetic Capital and CMT Digital, among other investment firms.
They are the female scientists of Amsterdam’s startup ecosystem.
Angel investors including Joseph Eagan, former chairman of Polychain Capital, Lily Liu, co-founder of Earn, and Julien Bouteloup, founder of StakeDAO, REKT, Blackpool and first contributor to Curve, also participated.
Use of funds
The funds will enable Nested to build a team of passionate Web3 technologists and introduce future product enhancements such as portfolio rankings, staking, underlying asset lending and decentralized limit orders.
Additionally, Nested plans to develop social-oriented features such as user profile creation and integrated messaging features.
Rudy Kadoch, Founder of Nested Finance, says, “Nested’s vision is to hybridize traditional finance, decentralized finance, NFTs and cryptocurrencies to forge a powerful yet unique financial product: the Nested Wallet. It is a tradable, shareable and repeatable portfolio that can be managed and monetized by advanced and novice crypto investors. By providing a friendly, user-oriented trading experience and cultivating a community of knowledge-sharing investors, we aim to democratize access to decentralized finance and facilitate financial connectivity for all.
Embedded: what you need to know
Founded by Rudy Kadoch, Nested allows users to build token portfolios, track their performance, add, sell and trade tokens, and one-click sell the underlying value of said portfolios at any time. .
The company aims to be a game-changer by successfully hybridizing traditional finance (CeFi), decentralized finance (DeFi), NFTs and cryptocurrencies.
“Since Nested wallets are created as NFTs, – so called “NestedNFTs” – they are easily discoverable on the platform and can be used as a mechanism to gamify and further strengthen communities by allowing creators to share with their audience via social media or send them as a gift or reward,” the company writes.
The platform allows new crypto and DeFi users to explore profiles, portfolios, and replicate their favorite strategies.
For DeFi users, influencers, or community leaders, the platform makes it possible to showcase portfolios, results, share knowledge, and earn royalties each time a portfolio is replicated.
Currently, Nested is operational on Polygon, Binance Smart Chain, and Avalanche. After a beta test period of several months, the platform is now available for everyone.
Republic Capital has $910 million in assets under management and backs more than 60 companies. It focuses specifically on projects that can combine profitability and adaptability.
Andrew Durgee, co-manager at Republic Capital, said, “Nested, backed by Republic Capital, as we are excited to see such a mature product with a UX designed for ease. We believe Nested is ready for use and ready for adoption. »
With six years of experience in the blockchain industry, Kenetic Capital specializes in Series A and Series B investments.
Jechan Chu, Co-Founder and Managing Partner of Kenetic Capital, said, “Cryptocurrency is a social currency, and Nested enables people to leverage Defi expertise to strengthen and expand their social networks. Kenetic is delighted to support Nested in the evolution of the social financial future.
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