Pillow, a DeFi startup that helps generate yields on crypto, has raised $3M in seed funding led by Elevation Capital and crypto angels including DeFi Pulse co-founder Scott Lewis, Polygon co-founders JD Kanani and Sandeep Nailwal, FalconX co-founder Prabhakar Reddy, and Aniket Jindal, co-founder of Biconomy. Industry players including Ramakant Sharma (Livspace), Farid Ahsan (Sharechart), Kush and Sambhav (FamPay) and Mukund Jha (Dunzo) also participated. The funds will be used to build alpha-generating DeFi strategies for popular crypto assets, global expansion, user community development, and brand extension.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow is an exclusive community for crypto investors worldwide. In a statement the company said the platform helps generate downside-protected interest on crypto assets by investing in curated, actively managed DeFi strategies created by the team. Pillow uses BitGo for custody management and also leverages Gnosis Safe for multi-sig capabilities.
“We want to create a future where accessibility to decentralized finance is democratized, if not more than traditional finance. We’re fulfilling this vision by letting our users gain access to DeFi yield opportunities in a simple, safe, and secure manner,” said the Pillow founders. “Our users have shown unequivocal faith in our platform in our private access program, and we’re on track to scale this to new heights. We’re grateful for the mentorship and guidance of Elevation Capital as we scale, along with some of the best builders in the Web 3.0 space, including Sandeep, JD, Prabhakar and Aniket.”
“We believe the next big unlock in Web 3.0 is going to come from significantly improving user experiences,” Elevation Capital principal Vaas Bhaskar said. “Pillow fits right into that theme by abstracting away the complexities of DeFi – and hence making It more accessible. We’re impressed with Arindam, Rajath and Kartik’s depth of understanding and clarity of vision, and are thrilled to partner with them in this journey.”
DeFi protocols use smart contracts to immutably record transactions and transfer funds. The total value locked rose from $20 billion in January 2021 to $250 billion one year later.
Pillow is available for download on Google Playstore and Apple App Store and will provide users with strategies crypto assets that include $USDC, $USDT, $BTC and $ETH.
