A startup cryptocurrency platform has secured funding amounting to $18 million in a Series A funding round.
Pillow Digital Technologies Pte Ltd, secured the funding in a Series A funding round co-led by Accel, Quona Capital, Jump Capital, and existing investor Elevation Capital.
Pillow, an investment app that allows users to earn the best interest on their crypto via Defi with no associated hassles.
With this funding round, the digital platform will be able to stabilise and expand into emerging markets like Nigeria Ghana, Vietnam, and other markets.
Pillows will also be looking to accelerate the adoption of crypto services in emerging economies including those in Africa and Southeast Asia.
“We’re creating a suite of high-quality, secure, and transparent financial products that will grant our users access to global economic opportunities and let them take control of their financial future,” Arindam Roy, one of the co-founders of Pillow said.
On his vision on the crypto platform’s growth, Ganesh Rengaswamy, co-founder and managing partner at Quona Capital, said that Pillow’s offerings “can remove the friction of formal financial systems for the underserved, while engaging users in savings and investing behaviours.”
The digital asset management startup raised seed capital of $3 million from Elevation Capital in February this year. The company intended to build ‘alpha-generating’ decentralised financing strategies for crypto assets like Bitcoin, Ethereum and other coins, and expand globally through this funding.