One year after expanding to Nigeria, Crypto platform Pillow is exiting the country

Crypto startup Pillow which enabled customers in Nigeria and Ghana to save and make investments crypto belongings ceases operations, cites regulatory local weather as the motive.

The Singapore-based crypto startup Pillow lately introduced its determination to discontinue its providers, a year after expanding its providers to Nigeria and Ghana. The startup provided options resembling saving, spending, and investing in cryptocurrency, attributed its closure to the “current regulatory climate and its impact on associated financial infrastructure.”

Pillow disclosed this by way of in-app message to its consumer base, reportedly over 75,000 people throughout 60 totally different nations, asking them to withdraw their funds promptly. To facilitate the course of, the firm has set a deadline of July thirty first, 2023, for customers to withdraw their holdings. While the app shall be faraway from the Play Store by that date, the platform plans to droop financial institution withdrawals on July seventh, with crypto withdrawals to comply with on July thirty first.

The firm’s founders, Arindam Roy, Rajath KM, and Kartik Mishra, haven’t publicly introduced the information, however the closure marks the finish of Pillow’s mission to present a way for people in rising markets to fight inflation. The startup had raised roughly $21 million from 15 traders to help this purpose. 

Pillow’s determination is arguably a stunning flip of at the same time as a number of months in the past, the startup was promoting job vacancies. However, this highlights the strain confronted by crypto startups in navigating regulatory environments, throughout the world.