Anyone who knows someone working with or affiliated with Pillow?
Heard Pillow is winding down operations. Their website says its because of regulatory troubles; I'd like to know what troubles - purely from an academic perspective. If anyone has any behind the scene knowledge or know anyone who does?
MrWane
Stealth
a year ago
Friend worked in Pillow. I worked in a Crypto start-up, which had partnership with Pillow.
Well, reason behind shutdown is Crypto is fucked. There are no business. I mean it. All these crypto start-ups will soon wind up their ops as soon as they run out of VC funds. Have seen 2 such start-ups closed down within this year.
Also, Banks and RBI is indirectly against crypto, banks don't want to do business with such start-ups. Even RBI doesn't allow UPI for crypto deposits. There are many challenges to name a few.
Hmm... But if Blockchain is the future and you need tokens to function on the chain, wouldn't crypto automatically end up surviving anyway?
Indusplateau
Stealth
a year ago
The blockchain still doesn't have PMF.
Personally feel with gen-ai and CBDC push, use case of blockchain will start.
Blockchain works on scarcity mindset, so we need abundance of things (time, energy, data, money). Let these explode to bring blockchain usecases
MrWane
Stealth
a year ago
@JadeArgent kaahe ka future, there not much revenue for the companies who are offering crypto buying selling. The company I worked, revenue from fees was hardly 5-6lakh and they were burning crores in salary and other stuff.
If it's the future why coinswitch is getting into stocks trading and mutual funds, Google it, you will get to know the reason.
I was tracking them since they were in coming soon phase, Their business idea had no reality attached to it. All an imagination, So as the crypto went down their +12% promise became -50% so as the company. Looks like they wasted money of lots of people, I think Elevation Capital was one of their investors.
Basically they were trying to became Mutual funds managers of crypto. Which they failed at very miserably, I don't know if they had someone experience in crypto to manage funds, or were doing at their own.
In Short: Their Business model was flawed.
They raised a decent sized series A. Alas, when they raised it the market was already f*cked.
The crypto saga got over the day Elon Musk was on SNL and talked about DogeCoin. Markets were bleeding and money went out.
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