Crypto platform, Pillow attracts $18M funding to accelerate adoption in Nigeria, other markets

The funding which is co-led by Accel, Quona Capital, Elevation Capital and Jump Capital hopes to offer would-be traders and investors the opportunity to control their finances and take on the challenges of battling inflation and the high costs of living.

By this means, Pillow is creating a simple and accessible product while making savings, investments and payments in crypto easier for all interested parties.

Crypto adoption In Africa has in the last few months, been led by Nigeria as the country has continually recorded the highest volume of transactions.

The data which is published by Chainalysis, a U.S-based blockchain analytics company aims to recognise and distinguish countries, using metrics like the volume of financial resources that individuals and non-professional investors are willing to invest in digital assets.

African countries have been well represented on the global Crypto adoption scale as Nigeria currently ranks 11th with Morocco coming behind at 14th Position while Kenya ranks 19th.

It is further hoped that Pillow's investment will further send Nigeria and other African countries up the global crypto adoption ladder in the nearest future. The company currently has a presence in Nigeria, Ghana, Vietnam, among other emerging markets.

Nigeria's status as Africa's largest economy had attracted the investors and various products and services that allow users to earn interest on their deposited funds have been introduced to traders and individual investors alike.

According to Pillow, the company has invested majorly in the security of the product as it hopes to ensure accurate transparency and security of customers' funds.

It has done this by using BitGo, the first commercially ready multi-signature wallet created by Mike Belshe which provides clients with an integrated security solution for digital assets.

The Pillow platform currently has a community of over 75,000 users in over 60 countries that invest and save in US Dollar-backed stable coins, including other multiple blue-chip cryptocurrencies including Ethereum, Bitcoin and others.