Pillow lets users invest in and save money in cryptocurrencies that are backed by US dollars, such as Bitcoin (BTC) and Ethereum (ETH).
According to Cryptoslate, on October 13 the Singapore-based cryptocurrency investment platform Pillow received $18 million in Series-A funding.
Accel, Quona Capital, Elevation Capital, and Jump Capital allegedly collaborated to lead the funding round, according to Cryptoslate. During Pillow’s seed round, Elevation Capital made a sizeable investment, and Accel is the leading venture capital company with the largest percentage of Unicorn ownership.
Pillow enables users to invest in and save money in a number of well-known cryptocurrencies that are backed by US dollars, including Bitcoin (BTC) and Ethereum (ETH). More than 75,000 users have signed up for the platform since its 2021 debut, hailing from 60 different countries. Since the beginning of the year, Pillow’s user base has grown by 300%, and its supported assets have multiplied by 5.
Pillow seeks to increase the power of those in emerging markets who might not have access to financial institutions. “At Pillow, we strive to develop and encourage a culture of disciplined personal finance…that enable young, industrious, ambitious individuals to take charge of their finances, achieve life objectives, and move towards financial independence,” stated Arinda Roy, the CEO of Pillow.
The platform, according to Cryptoslate, prioritizes reducing friction and delivering a smooth user experience since doing so serves its primary objective of promoting financial inclusion. By removing the obstacles created by established financial institutions, Pillow believes it can better engage consumers and encourage them to take control of their finances.
