Crypto investment platform Pillow to cease operations

After an series A edited by Accel end of 2022, Pillow account interrupt his services due in particular to theregulatory uncertainty.

The startup specializing in crypto savings products Pillow announced the upcoming closure of its services, reports Techcrunch this Friday.

Founded in India and based in Singapore, Pillow raised $18 million in a financing round led by Accel India and Quona Capital last autumn. Until now, the start-up had been offering returns in excess of 15% through its mobile application.

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In a Telegram message, Pillow said its shutdown followed the closure of its competitor Flint. The regulatory uncertainty surrounding crypto, as well as the “ negative market sentiment “The company, which operated mainly in the Indian market.

Although authorized in the immense country of South Asia, the crypto startups would encounter difficulties to access banking services. The Reserve Bank of India would encourage local financial institutions not to serve companies dealing with cryptocurrency. A ” phantom ban “according to the main people involved.

Pillow customers are invited to withdraw their assets from the platform before the end of July.

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