Pillow, a crypto investment company based in Singapore, has secured $18 million in a round headed by VC companies Accel and Quona. Investment firms Jump Capital and Elevation Capital also took part. The platform will use the proceeds from this round of funding to promote the use of cryptocurrency services in developing markets like those in Africa and Southeast Asia. The corporation has established a foothold in a number of promising new markets, including Nigeria, Ghana, and Vietnam, among others.
With the goal of providing users with profits on ETH and stablecoins USDC and USDT, up to 6% and 10.42%, respectively, Pillow is a consumer-focused DeFi software accessible on iOS and Android. Currently, over 75,000 people from more than 60 different countries are utilizing the Pillow platform to take charge of their personal finances by saving and investing in digital assets.
The company’s goal is to empower its customers by providing them with a set of high-quality, safe, and transparent financial products that will allow them to participate in the global economy. Users of the Pillow app have access to a variety of stablecoins backed by the US dollar. Also, it facilitates access to Bitcoin, Ethereum, and other leading cryptocurrencies, for the purpose of investing and saving.
Pillow claims to promote saving and investment behaviours among the underprivileged by reducing the burden of using traditional financial institutions. According to the company, its user base has grown 300% since the beginning of 2022, and its AUM has increased five-fold since early last year. Investors are showing a lot of enthusiasm for consumer-facing blockchain apps.
On the other hand, this year has seen a significant number of businesses in this industry fail, including well-known names like Celsius. Furthermore, the regulatory environment for digital assets is not well-defined in many countries.
This post was last modified on Oct 13, 2022, 15:10 BST 15:10