Pillow Fund makes crypto easy for users
Pillow Fund intends to be a one-stop shop that enables even beginner users to save, spend, and invest in cryptocurrencies.
The Singapore-based startup revealed that it had secured $18 million in Series A funding, which was co-led by Accel and Quona Capital with contributions from Elevation Capital and Jump Capital.
More than 75,000 users in more than 60 countries are using the app. It currently supports ten digital assets, including Bitcoin, Ethereum, Solana, Polygon, Axie Infinity, and the stablecoins USDC and USDT pegged to the US dollar. It intends to support more than fifty digital assets shortly.
Arindam Roy, Rajath KM, and Kartik Mishra founded the company in 2021, focusing on developing markets in places like Africa and Southeast Asia.
According to the company's founders, since the start of the year, its user base has increased by 300%, and assets under management have increased by 5x. It recently expanded into Nigeria, Ghana, Vietnam, and other markets.
Pillow Fund purpose
Pillow Fund's purpose is to make cryptocurrency usage more understandable. The Pillow team had to address a few significant issues to accomplish this. The first is awareness because most people still believe cryptocurrency is only about buying and selling Bitcoin without understanding other use cases. The second is complexity, as fully utilising cryptocurrency requires knowledge of bridging, gas fees, and blockchain technology.
Pillow addresses these issues by streamlining cryptocurrency investments, transactions, and savings through single-click daily interest savings and instant swaps. It intends to do the same for other cryptocurrency services, such as payments.
How to use Pillow Fund
Using the email id, users can sign up for their Pillow account. The second step is to provide KYC data (such as live selfie photos and national identity cards). Before deciding which digital assets to deposit or invest in, users are given a brief lesson on the possible risks associated with doing so. Another lesson about the potential risks associated with that asset before making their initial investment is also given to the user.
After that, the user can add cryptocurrency on this platform by sending a transfer to the displayed crypto wallet address from their own wallets or another cryptocurrency platform. Users can also purchase cryptocurrency using their local fiat currency in some nations where Pillow has partnered with local, compliant on-ramp service providers.
The company also accepts fiat currency deposits and withdrawals through local partnerships in Nigeria, the Philippines, and Vietnam, with plans to expand further across Southeast Asia, Africa, and Latin America with its new funding.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.