June 23 (Cointime) - Singapore-based crypto startup Pillow has announced that it will be discontinuing all its services in the coming weeks due to regulatory uncertainty. The company allowed customers to invest in Bitcoin, stablecoins, and altcoins, promising returns of up to 18%. Pillow had raised a total of $21 million and counted Accel India, Quona Capital, Elevation Capital, and Jump Crypto among its backers.
The move follows the shutdown of Pillow's chief rival, Flint, last month, which also cited regulatory hurdles as the reason for its closure. Both startups were founded and operated in India, where the central bank has been pushing lenders to stop engaging with crypto startups for over a year.
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