Elevation Capital led a $3 million seed funding round for Pillow, a decentralized finance startup that helps generate returns on crypto investments.
Polygon cofounders JD Kanani and Sandeep Nainwal, FalconX cofounder Prabhakar Reddy, Sharechat’s Farid Ahsan, and Dunzo’s Mukund Jha were among the angel investors who contributed to the round.
According to a statement released on Friday, the funds will be used to develop alpha-generating DeFi strategies for popular crypto assets as well as for global expansion.
Pillow, which was founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, assists cryptocurrency owners in generating returns on their idle assets. It’s a community for users all over the world who want to earn interest on their cryptocurrency rather than letting it sit idle. On February 3, the company made its platform available to the general public.
“We want to create a future where accessibility to decentralised finance is democratised, if not more than traditional finance,” Roy, who is also the chief executive of the firm, said in the statement. “We’re fulfilling this vision by letting our users gain access to DeFi yield opportunities in a simple, safe, and secure manner.”
Pillow claims that three weeks after launching its beta operations in December 2021, it had $1 million in assets under management (AUMs). This, it claimed, was due to its stablecoin strategy, which generates a 13.68 percent yield. Pillow uses BitGo, the world’s leading custodial service, to ensure the security of its customers’ crypto assets. For multiple sign-ins, it uses Gnosis Safe.
“We believe the next big unlock in Web 3.0 is going to come from significantly improving user experiences,” Vaas Bhaskar, principal at Elevation Capital, said in the statement. “Pillow fits right into that theme by abstracting away the complexities of DeFi, and hence making it more accessible.”
Click here to Download Pillow: Earn & Buy Crypto App