3:34:58 AM PST - Thursday, December 8th, 2022

FTX processed billions monthly in Africa before going bust  

By Editor - Mon Nov 21, 11:18 pm

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On November 14, Nestcoin, one of the startups leading crypto and web3 efforts in Africa, announced that it was laying off several employees . At least 30 employees across various departments were let go, while those who were left at the company had their salaries slashed by as much as 40%, according to people familiar with the matter. The news is, in part, connected to the downfall of crypto exchange FTX, according to chief executive officer Yele Bademosi. Bademosi revealed the news in a letter to investors enclosed in a tweet . He acknowledged that Nestcoin held assets, which the Financial Times pegs at $4 million, in the bankrupt crypto exchange platform FTX to manage operational expenses.

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FTX processed billions monthly in Africa before going bust

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