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{"id":35819,"date":"2023-06-23T21:47:00","date_gmt":"2023-06-23T21:47:00","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/23\/crypto-startup-pillow-backed-by-accel-and-quona-to-discontinue-all-services\/"},"modified":"2023-06-23T21:47:01","modified_gmt":"2023-06-23T21:47:01","slug":"crypto-startup-pillow-backed-by-accel-and-quona-to-discontinue-all-services","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/23\/crypto-startup-pillow-backed-by-accel-and-quona-to-discontinue-all-services\/","title":{"rendered":"Crypto startup Pillow, backed by Accel and Quona, to discontinue all services"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/23\/pillow-discontinue\/<\/a><\/br>
\nCrypto startup Pillow, backed by Accel and Quona, to discontinue all services<\/br>
\n2023-06-23 21:47:00<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

Singapore-headquartered Pillow plans to discontinue all its services and app in the coming weeks, it warned customers Friday, citing regulatory uncertainty that has claimed countless other crypto startups in recent quarters.<\/p>\n

Pillow allowed customers to invest in Bitcoin, stablecoins and altcoins, and promised returns of up to 18% \u2014 a figure that dropped to 14% as the market started to cool. It had raised about $21 million altogether and counted Accel India, Quona Capital, Elevation Capital and Jump Crypto among its backers. Pillow revealed its $18 million Series A funding in October last year.<\/p>\n

In a post on Telegram, the two-year-old startup asked customers on Friday to withdraw all their funds from the Pillow app and said it will be terminating all its current services on July 31, 2023.<\/p>\n

The move follows Pillow\u2019s chief rival Flint shutting down its services last month due to what it termed as \u201cregulatory hurdles\u201d and \u201cnegative market sentiment.\u201d<\/p>\n

\n
\n

Pillow fund’s Telegram group rn is absolutely bonkers<\/p>\n

Some guy who has $800k USD invested in Pillow (Rs. 6cr, mind you) is asking valid questions about where Pillow invests. <\/p>\n

non Pillow team members (other users) replying “beginners please read FAQ before asking stupid ques” \ud83e\udd23<\/p>\n

\u2014 Arnav Gupta (@championswimmer) May 14, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Both the startups, founded and operated in India, counted the South Asian nation among their largest markets. The Reserve Bank of India, the nation\u2019s central bank, has been pushing lenders to stop engaging with crypto startups for over a year, making it virtually impossible for web3 startups to operate in the country.<\/p>\n

Crypto giant Coinbase, one of the world\u2019s largest exchanges, found this out the hard way. It suspended support for its UPI payments instrument on its app in India last year, making its eponymous exchange nonfunctional for any purchase orders less than four days after launching the trading service in the world\u2019s second-largest internet market.<\/span><\/p>\n

Coinbase chief executive Brian Armstrong alleged last year that\u00a0there are \u201celements in the government there, including at Reserve Bank of India, who don\u2019t seem to be as positive on it. And so they \u2014 in the press, it\u2019s been called a \u2018shadow ban,\u2019 basically, they\u2019re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/23\/pillow-discontinue\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/23\/pillow-discontinue\/ Crypto startup Pillow, backed by Accel and Quona, to discontinue all services 2023-06-23 21:47:00 Singapore-headquartered Pillow plans to discontinue all its services and app in the coming weeks, it warned customers Friday, citing regulatory uncertainty that has claimed countless other crypto startups in recent quarters. Pillow allowed customers to invest in Bitcoin, stablecoins and […]<\/p>\n","protected":false},"author":1,"featured_media":35820,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-35819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nCrypto startup Pillow, backed by Accel and Quona, to discontinue all services - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/23\/crypto-startup-pillow-backed-by-accel-and-quona-to-discontinue-all-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto startup Pillow, backed by Accel and Quona, to discontinue all services - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/23\/pillow-discontinue\/ Crypto startup Pillow, backed by Accel and Quona, to discontinue all services 2023-06-23 21:47:00 Singapore-headquartered Pillow plans to discontinue all its services and app in the coming weeks, it warned customers Friday, citing regulatory uncertainty that has claimed countless other crypto startups in recent quarters. 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