cryptoknowmics.com
The cryptocurrency investing startup Pillow, located in Singapore, revealed today that it had secured $18.1 million in a Series A funding round. Pillow is a platform for managing digital assets where users can invest in cryptocurrencies such as BTC, ETH, USDC and USDT and conveniently get rewards. https://twitter.com/crosschainyoda/status/1580435767028944897?s=20&t=nJM8xFlydvehjcPNTGswhQ
Pillow Eyes Southeast Asia & Africa as an Expansion Strategy
Jump Capital and current investor Elevation Capital joined Accel and Quona Capital in co-leading Series A. The three co-founders of the digital asset management software, Arindam Roy, Rajath KM, and Kartik Mishra, set out to build it in 2021 with the purpose of removing barriers for new users, such as gas costs, bridge fees, and security. Vaas Bhaskar, principal at Elevation Capital, noted that the company's ability to develop since its founding is evidence of the high caliber and seamlessness of its products. Pillow intends to use the funding to develop its operations throughout Africa and Southeast Asia. The business claims to have increased assets under management by five times and its user base by 300% since the start of 2022. In addition, the startup has entered several emerging markets, including Vietnam, Ghana, and Nigeria.
Pillow Users Spread Across 60+ Countries
According to the sources, the network has over 75,000 members, the majority of them being from Nigeria. Roy, a co-founder of Pillow, revealed that their users are distributed over 60 nations. In the future, Roy tweeted, millions of individuals will be able to meaningfully connect with digital assets without boundaries of geography, education, or infrastructure.
Pillow to Support 10 Digital Assets
Pillow provides customers with up to 10.42% returns on their stablecoins, 6.02% yields on bitcoin (BTC), and 6.03% returns on ether (ETH). It presently supports ten digital assets but eventually aims to accommodate more than 50. According to Chainalysis, 2022 was the most active year for hacking. Pillow leverages BitGo's custody service to provide up to $250 million in coverage for user funds.