- Funds will be used to build Nested’s Web3 team and future product enhancements.
- Users can invest in crypto portfolios curated by others on the platform by buying a NestedNFT.
- Users who create a Nested portfolio earn royalties when their portfolio is copied by another user.
DeFi social trading platform, Nested, has just raised $7.5 million in its Series A funding led by British billionaire hedge fund manager Alan Howard.
Other participants in the funding round include venture capital firms and angel investors across DeFi, such as Republic Capital, Kenetic Capital, Polychain Capital’s Joseph Eagan, Lily Liu, who co-founded Bitcoin startup Earn.com which was acquired by Coinbase for over $100 million in 2018, and Julien Bouteloup, founder of StakeDAO, REKT, Blackpool, and early contributor of Curve, amongst others.
Proceeds from the funding will be used to build Nested’s Web3 team and introduce future product enhancements, such as portfolio leaderboards, staking, lending of the underlying assets, decentralised limit orders, and various types of social-oriented features such as user profile creations and integrated messaging features.
Claiming to be the first social DeFi platform, Nested aims to be a gamechanger that will manage to merge traditional finance, DeFi, NFTs and cryptocurrencies to forge a “unique and powerful” financial product: the Nested portfolio.
“This is a tradeable, shareable, and replicable portfolio that can be managed and monetized 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 democratize access to decentralized finance and facilitate financial connectivity for all,” said founder Rudy Kadoch.
Nested enables users to easily 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.
Users can also monetise their portfolios by minting them into NFTs. They can also invest in crypto portfolios curated by others on the platform with the purchase of a NestedNFT.
In a blog post, Nested wrote that “users will be able to share their strategies and make them go viral on the platforms of their choosing, let it be traditional social media or dedicated marketplaces.”
This will allow Nested’s community to imitate successful strategies, or replicate the most trending portfolios. Users who create a Nested portfolio earn royalties when their portfolio is copied by another user.
Nested has launched on Polygon, Binance Smart Chain, and Avalanche, and is hoping to bring the social trading experience to all compatible networks.
After many months of beta-testing period, Nested has gone through numerous independent security audits and is available for public use now.
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