Crypto Investment App Pillow Raises $18 Million To Promote Crypto Investment For Users

Accel and Quona Capital lead an $18 million round of funding for Singapore-based crypto investing platform Pillow.

According to a LinkedIn posting by CEO Arindam Roy, Elevation Capital and Jump Capital also participated in the round. Roy in the post:

“The last year has been incredibly humbling for us. We’ve had the privilege of serving users in over 60 countries and learning about how people interact with digital assets worldwide.

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.”

Pillow is a consumer-focused DeFi software accessible on iOS and Android that attempts to provide customers with 6% and 10.42% returns on ETH and stablecoins USDC and USDT, respectively.

This is accomplished by channeling customer monies through DeFi protocols, which the company claims its research team actively monitors to assure user safety.

The firm has over 75,000 customers in more than 60 countries, with a concentration on emerging regions like Africa and Southeast Asia.

The announcement comes as investors continue to show interest in consumer-focused cryptocurrency apps. Former Revolut staffers raised $3.5 million from Index Ventures last month to develop the cryptocurrency investment app Solvo.

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