Singapore-based crypto investment startup Pillow has raised $18 million in Series A funding co-led by Accel, Quona Capital, Jump Capital and existing investor Elevation Capital. This comes at a time when crypto companies are grappling with various challenges like absence of regulations, falling market prices among other macro factors.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, the startup has grown to a community of more than 75,000 users in over 60 countries. Within the Pillow app, users can invest and save in US Dollar-backed stablecoins, as well as multiple blue-chip cryptocurrencies including Bitcoin, Ethereum and others.
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Pillow has plans to utilise the funds to expand in Africa and Southeast Asia.
“At Pillow, we aspire to create and reward a culture of disciplined personal finance, including savings and investments powered by access to digital assets, that enable young, hardworking, ambitious people to take control of their finances, achieve life goals and work towards financial freedom. We’re creating a suite of high-quality, secure, and transparent financial products that will grant our users access to global economic opportunities and let them take control of their financial future,” said Arindam Roy, CEO of Pillow.
The startup competes with Sequoia-backed Flint Money among a few others. These yield-generating startups has been widely criticised after startups like Coinbase-backed Vauld, which heavily depended upon 'yield farming' had to halt operations, layoff employees and could not return its creditors' money. Even globally, crypto lending startup Celsius went bankrupt after the market conditions became unfavourable.
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