Pillow, a Singapore-based DeFi (decentralized finance) startup that helps generate yields on crypto, raised $3M in Seed funding.
The round was led by Elevation Capital with participation from Scott Lewis, JD Kanani & Sandeep Nailwal, Prabhakar Reddy, Aniket Jindal, Ramakant Sharma, Farid Ahsan, Kush & Sambhav, and Mukund Jha.
The company intends to use the funds to build alpha-generating DeFi strategies for popular crypto assets (including $BTC, $ETH, and popular stablecoins), accelerate global expansion, build a strong user community, and grow the brand to make DeFi accessible worldwide.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow is a community for users worldwide who want to earn market-beating interest rates on their crypto, instead of letting them lie idle. The platform helps generate downside-protected interest on crypto assets by investing in curated, actively managed DeFi strategies created by the team. It takes away the complexity of DeFi as users can invest and earn high yields in just 1-click without worrying about gas (transaction) fees, underlying chains and tokens, etc.
Pillow is available for download on Google Playstore and Apple App Store, and will provide users with strategies and market-beating rates for popular crypto assets that include $USDC, $USDT, $BTC and $ETH.