On October 13, the Singapore-based cryptocurrency investing platform Pillow secured $18 million in Series-A funding, as reported by Cryptoslate.
According to Cryptoslate, Accel, Quona Capital, Elevation Capital, and Jump Capital jointly led the investment round. Elevation Capital invested significantly in Pillow during its seed round, and Accel is the top venture capital firm with the highest proportion of Unicorn ownership.
Pillow enables users to invest in and save money in a variety of well-known cryptocurrencies, including Bitcoin (BTC) and Ethereum, that are backed by US dollars (ETH). Since the platform’s 2021 launch, more than 75,000 people from 60 different nations have joined. Pillow’s user base has increased by 300% since the start of the year, and its supported assets have increased by 5x.
Pillow wants to provide people in emerging markets who might not have access to financial institutions more influence. Arinda Roy, the CEO of Pillow, said, “At Pillow, we aspire to create and reward a culture of disciplined personal finance…that enable young, hardworking, ambitious people to take control of their finances, achieve life goals, and work towards financial freedom.”
Cryptoslate further noted that the platform places a high priority on minimising friction and providing a seamless user experience because doing so advances its main goal of boosting financial inclusion. Pillow thinks it can better engage users and motivate them to take charge of their finances by providing savings and investment opportunities by eliminating the frictions of formal economic institutions.
(With insights from Cryptoslate)
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