Singapore-based crypto investment startup, Pillow, backed by Accel, has informed its customers of its decision to discontinue all services and shut down its app. The company cites regulatory uncertainties and the challenging business environment as the reasons behind this move.
Pillow, which successfully raised $18 million in a Series A funding round just eight months ago, has announced its plan to cease operations starting from July 31. The decision follows the closure of its primary competitor, Flint, last month, which also attributed its shutdown to regulatory hurdles and market pessimism.
Expressing regret, Pillow stated, “We regret to inform you that the Pillow team has decided to no longer provide our current services through the Pillow app due to regulatory uncertainty, and will be closing operations on July 31st, 2023.”
As a result of the shutdown, users will no longer earn interest on their funds, and access to the rewards section will be terminated immediately. However, Pillow aims to maintain transparency by providing users with a consolidated statement of their transactions via the Pillow app. Users can expect to receive this statement on or before August 7, 2023.
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