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Cryptocurrency start-up Pillow, backed by Accel and Elevation Capital, will be shutting down its services from July 31. The company noted “regulatory uncertainty” as the reason.
In an official communication to its users, the company wrote, “We regret to inform you that the Pillow team has made the decision to no longer provide our current services through the Pillow app due to regulatory uncertainty and will be closing operations on July 31.”
Users were requested to redeem investments and withdraw funds immediately through the withdrawal modes available. Per reports, the platform will be shutting down services in India and Nigeria.
The startup, in October 2022, had raised $18 million in Series A funding co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital. Elevation Capital was also the first Seed investor in Pillow, having led the round in 2021.
The platform said user funds will remain safe, accessible in full, and open to crypto withdrawal till July 31. Additionally, bank withdrawals will be live till July 7 2023. Users will also be receiving a consolidated statement for all the transactions on the Pillow app.
Pillow was founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra. The platform in October 2022 had said it has 75,000 users in over 60 countries. Within the Pillow app, users could invest and save in US dollar-backed stablecoins, as well as multiple blue-chip cryptocurrencies including Bitcoin, Ethereum, and others.
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