Pillow Raises $3 Million In Seed Round
The funds will be used to build alpha-generating DeFi strategies for popular crypto assets, accelerate global expansion, build a strong user community, among others
Pillow, a DeFi (decentralized finance) startup which helps generate yields on crypto, has raised $3 million in Seed funding led by Elevation Capital and a host of prominent crypto angels.
The funds will be used to build alpha-generating DeFi strategies for popular crypto assets, 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 an exclusive community for users worldwide who want to earn market-beating interest rates on their crypto. Pillow's 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, said a statement.
"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 Arindam Roy, CEO and co-founder, Pillow.
Decentralized finance is an emerging financial system that does not rely on centralized intermediaries, such as banks, stock exchanges, or brokers. Instead, DeFi protocols use smart contracts to immutably record transactions and transfer funds. DeFi is a nascent but fast-growing space, added the statement.