Singapore-headquartered Pillow plans to discontinue all its services and app in the coming weeks, it warned customers Friday, citing regulatory uncertainty that has claimed countless other crypto startups in recent quarters.
Pillow allowed customers to invest in Bitcoin, stablecoins and altcoins, and promised returns of up to 18% — a figure that dropped to 14% as the market started to cool. It had raised about $21 million altogether and counted Accel India, Quona Capital, Elevation Capital and Jump Crypto among its backers. Pillow revealed its $18 million Series A funding in October last year.
In a post on Telegram, the two-year-old startup asked customers on Friday to withdraw all their funds from the Pillow app and said it will be terminating all its current services on July 31, 2023.
The move follows Pillow’s chief rival Flint shutting down its services last month due to what it termed as “regulatory hurdles” and “negative market sentiment.”
