Singapore-based crypto startup Pillow has recently made the decision to discontinue its services, just a year after expanding into Nigeria and Ghana. The closure of the startup is attributed to the current regulatory climate and its impact on the associated financial infrastructure.

The announcement was made to Pillow’s user base through an in-app message, which reportedly consists of over 75,000 individuals from 60 different countries. Users were notified to withdraw their funds promptly, as the company plans to facilitate the process and ensure a smooth transition. A deadline of July 31st, 2023, has been set for users to withdraw their holdings. While the app will be removed from the Play Store by that date, bank withdrawals will be suspended on July 7th, followed by crypto withdrawals on July 31st.

Although the company’s founders, Arindam Roy, Rajath KM, and Kartik Mishra, have not made a public announcement regarding the closure, this marks the end of Pillow’s mission to empower individuals in emerging markets to combat inflation. The startup had secured approximately $21 million in funding from 15 investors to support this vision.

Pillow’s decision comes as a surprise, considering that just a few months ago, the startup was actively advertising job vacancies. However, it sheds light on the challenges faced by crypto startups as they navigate regulatory environments around the world. These pressures can have a significant impact on the sustainability and operations of such ventures.