Singapore-based Pillow, which allows consumers to invest into cryptocurrencies, has reportedly raised $18m in its Series A funding.
Accel, Quona Capital, Elevation Capital and Jump Capital supplied the capital, according to a report by The Economic Times India.
With the capital, the company plans to expand its presence in Africa and Southeast Asia.
Pillow is a mobile app that helps consumers build crypto portfolios and explore assets to maximise their returns. Users can buy and story their currencies or deposit them in their wallet.
It claims that users can earn up to 10.42% returns on their stablecoins, 6% returns on bitcoin and 6% on Ethereum.
Pillow CEO Arindam Roy told The Economic Times India, “Were creating a suite of high-quality, secure, and transparent financial products that will give our users access to global economic opportunities and let them take control of their financial future.p>
Elevation Capital principal Vaas Bhaskar added, ?The lack of intuitive, user-friendly platforms is a big impediment to large-scale adoption of digital assets as an investment class, and Pillow is doing a phenomenal job in bridging this gap. The growth they’ve been able to achieve since inception is testament to the quality and seamlessness of their solutions.”
Pillow previously raised $13.5m in its Series A funding round in 2017. The round was led by Mayfield, a California-based venture capital firm.
In other cryptocurrency news, Moon Mortgage, a cryptocurrency lending platform, recently ?raised $3.5m in a seed financing round headed by CoinFund and Cadenza Ventures.
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