Nested, a social trading platform that enables users to create and invest in “financial NFTs,” has raised $7.5 million in Series A funding in a round led by billionaire hedge fund investor Alan Howard.
Nested provides a way for people to invest in crypto portfolios that are hand-curated by the platform’s users. Investing in a Nested portfolio means buying a “NestedNFT,” a non-fungible token (NFT) that is tied to a portfolio’s underlying assets and allows one to buy or sell an entire portfolio in just a click.
Users who create a Nested portfolio are rewarded royalties each time their portfolio is replicated by another user, the company said, and investors in a portfolio can buy, sell or swap their holdings at any time.
In describing what differentiates his project from others in the space, Nested Founder Rudy Kadoch explained to CoinDesk in an email, “Nested has been built by DeFi-native people for all people, compared to other DeFi platforms built by DeFi-native people for DeFi people.”
Moving forward, Kadoch says his aim with Nested is to democratize access to crypto, using NFTs to usher a new wave of people curious about crypto into decentralized finance.
“My mom knows what an NFT is,” writes Kadoch. “There is considerable hype around NFTs. But more importantly, retail investors, and even the public, have understood the concept of NFTs in a shorter time than it has taken for them to comprehend cryptocurrencies.”
As a new investor, crypto is overwhelming. Though we’re long past the token-crazed ICO mania of 2017, it remains difficult for the lay investor to differentiate established projects from transparent cash grabs – even as an emerging class of blue(er) chip tokens can sometimes seem around the corner.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.