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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The Elevation Capital-backed firm’s decision to fold its product comes just months after rival Flint also shut its ‘yield-bearing’ product citing regulatory challenges.
Just nine months after raising $18 million from a bunch of high-profile venture capital firms, Singapore-incorporated crypto startup Pillow has discontinued its product from at least two of its largest markets, India and Nigeria.
“As a result of the current regulatory climate and its impact on associated financial infrastructure, we regret to inform you that Pillow is going to be discontinuing its service from June 22, 2023,” the company told its users this week through an in-app message.
The Morning Context has reviewed a copy of this communication.
The company has further asked its users to withdraw their funds from …
The stablecoin neobank has raised more than $100 million this year; Saudi Arabia is looking at stock market reforms; and other updates from the week.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
