- Founded: 2021
- Ceased Operations: 2023
What did Pillow do?
Pillow Crypto was a Singapore-based cryptocurrency investment startup that allowed customers to invest in Bitcoin, stablecoins, and altcoins. It promised returns of up to 18%, but this figure dropped to 14% as the market cooled. Pillow aimed to make cryptocurrency usage understandable and simple for retail users. It simplified cryptocurrency investments and transactions to one-click, instant swaps, and savings using single-click daily interest savings.
Pillow raised about $21 million altogether and counted Accel India, Quona Capital, Elevation Capital, and Jump Crypto among its backers.
Who started Pillow?
Founders Arindam Roy, Kartik Mishra, Rajath KM
Why did they go out of business?
Pillow shut down its operations due to regulatory uncertainties and a tough business environment. The move followed Pillow’s chief rival Flint shutting down its services last month due to regulatory hurdles and negative market sentiment.
Pillow’s founders made the painful decision to shut down the startup. They were driven by their commitment to transparency and user satisfaction. Pillow informed its users that their funds would stop earning interest immediately, and their rewards section would no longer be accessible.