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.
Angel investors, including Joseph Eagan, former president of Polychain Capital, Lily Liu, co-founder of Earn, and Julien Bouteloup, founder of StakeDAO, REKT, Blackpool, and early contributor of Curve, also participated.
The funds will allow Nested to build a team of passionate web3 technologists and introduce future product enhancements like portfolio leaderboards, staking, lending of the underlying assets, and decentralised limit orders.
Additionally, Nested plans to develop social-oriented features like user profile creations and integrated messaging features.
Rudy Kadoch, Founder of Nested Finance, says, “The vision of Nested is to hybridise traditional finance, decentralised finance, NFTs, and cryptocurrencies to forge a financial product that is both powerful and unique: the Nested portfolio. This is a tradeable, shareable, and replicable portfolio that can be managed and monetised by advanced and novice crypto investors alike. By offering an easy-to-use, user-oriented trading experience and cultivating a community of investors that share knowledge, we aim to democratise access to decentralised finance and facilitate financial connectivity for all.”
Nested: What you need to know
Founded by Rudy Kadoch, Nested enables users to build portfolios of tokens, track their performance, add, sell and swap tokens, and sell in one click the underlying value of said portfolios at any time.
The company aims to be a game-changer that will manage to hybridise traditional finance (CeFi), decentralised finance (DeFi), NFTs, and cryptocurrencies.
“Since the Nested portfolios are minted as NFTs, – thereby called ‘NestedNFTs’ – they are easily discoverable on the platform and can be used as a mechanism to further gamify and strengthen communities by allowing creators to share them with their audience via social media or send them as a gift or a reward,” writes the company.
The platform allows new users in crypto and DeFi to explore profiles, portfolios, and replicate one’s favourite strategies.
For DeFi users, influencers or community leaders, the platform allows one to showcase portfolios, results, share knowledge, and earn royalties every time a portfolio is replicated.
Currently, Nested is operational on Polygon, Binance Smart Chain and Avalanche. Following a multi-month beta testing period, the platform is available for use by all now.
Republic Capital has $910M in assets under management and supports over 60 companies. It specifically focuses on projects that can associate profitability with adaptability.
Andrew Durgee, Co-Managing Partner at Republic Capital, says, “Republic Capital-backed Nested because we are thrilled to see such a mature product with a UX that is primed for ease. We believe that Nested is ready to be used out of the box and geared for adoption.”
With six years of experience in the blockchain industry, Kenetic Capital specialises in Series A and Series B investments.
Jechan Chu, Co-Founder and Managing Partner at Kenetic Capital, says, “Cryptocurrency is a social currency, and Nested empowers people to leverage Defi expertise to reinforce and expand their social networks. Kenetic is excited to support Nested in evolving the social financial future.”