Pillow, a Singapore-based crypto investment startup, has raised a $18.1 million Series A, the firm announced via Twitter on Thursday.
The Series A was co-led by Accel and Quona Capital with participation from Jump Capital and existing investor Elevation Capital.
The digital asset management app, which was co-founded by three Indian origin persons Arindam Roy, Rajath KM and Kartik Mishra, in 2021 with the objective of giving new users an experience without hassles like gas fees, bridging and security.
The platform has over 75000 users, with its largest user base in Nigeria, according to TechCrunch. Pillow co-founder Roy announced that they have users in 60 countries. “We now move to the next phase of our journey, one where millions of users worldwide are able to meaningfully interact with digital assets without barriers of geography, education, or infrastructure,” Roy tweeted.
Pillow offers users up to 10.42% returns on their stablecoins, 6.02% returns on bitcoin (BTC) and 6.03% returns on ether (ETH). While it supports 10 digital assets currently, it plans to expand to over 50 soon.
2022 has been the biggest ever year for hacking activity, according to Chainalysis. Pillow uses custodial service BitGo for custody insuring users’ funds up to $250 million.
Elevation Capital, a venture capital firm providing early-stage capital for startups in India, that also provided seed capital of $3 million (around Rs 22.5 crore) in February, 2022 confirmed the news to CoinDesk separately.
