Pillow's $3m to deepen access to DeFi opportunities
SINGAPORE – News Direct – 4 February 2022 – Pillow, which raised $3 million in seed funding – a hefty amount for seedlings if you may ask – says it will use this to build alpha-generating DeFi strategies for popular crypto-assets.
They also intend to use the funds to accelerate global expansion, build a strong user community, and grow the Pillow brand to make DeFi accessible worldwide.
Pillow’s platform generates downside-protected interest on crypto assets by investing in the team’s curated, actively managed DeFi strategies.
It reduces the complexity of DeFi by allowing users to invest and earn high yields with a single click, without having to worry about gas (transaction) fees, underlying chains and tokens, and so on. Pillow has organically scaled to more than $1M in AUM (Assets Under Management) in less than three weeks since launching their beta in December 2021, thanks to their stablecoin strategy, which provides 17.8 percent yield.
Pillow uses BitGo, the world’s leading custodial services, for custody management and Gnosis Safe for multi-sig capabilities to ensure the security of its customers’ crypto assets.
Access to DeFi
“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,” says the Pillow founders Arindam Roy, Rajath KM, and Kartik Mishra.
“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’re elated to have the ecosystem rally behind us as we build our platform and community.”