Bangalore-Singapore-Based DeFi Startup Pillow Raises $3 Million from Elevation Capital
Pillow, a Decentralised Finance (DeFi) startup based in Singapore and Bengaluru, has raised $3 million in a seed round led by Elevation Capital. Several prominent crypto angels participated in the round, including Scott Lewis of DeFI Pulse, JD Kanani of Polygon, and Sandeep Nailwal of FalconX, as well as Prabhakar Reddy of FalconX and Aniket Jindal of Biconomy.
The funds will be used to develop alpha-generating DeFi strategies for popular crypto-assets (such as $BTC, $ETH, and stablecoins) and accelerate global expansion for the blockchain startup.
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 crypto rather than letting it sit idle — in other words, it's a crypto savings bank account.
The procedure is straightforward: users log into their crypto exchange platform (for example, WazirX), and instead of withdrawing their assets in fiat currency, they enter their Pillow account's wallet code.
Pillow's platform invests in curated and actively managed DeFi strategies to help generate upside-protected interest of up to 18 percent on crypto-assets. It removes the complexity of DeFi for users, allowing them to invest and earn high yields without having to worry about gas (transaction) fees, underlying chains and tokens, and so on. All they have to do now is connect their cryptocurrency wallet to the DeFi platform.
Pillow has grown to over $1 million in AUM (Assets Under Management) in just three weeks since its beta launch in December 2021, thanks to its stable coin strategy, which provides a 17.8% yield. Pillow keeps a small portion of the spread, a small portion of the spread goes into Pillow's yield reserves, and the vast majority of the returns are passed on to the user.
Pillow uses the custodial service BigGo for custody management and Gnosis Safe for multi-sig capabilities to ensure the security of its customers' crypto-assets. As a result, the startup is also covered for up to $100 million in case of custody issues.
DeFi, or Decentralised Finance, is a blockchain-based form of finance that operates in an open environment without the involvement of central financial intermediaries such as banks, brokerages, or exchanges. Users can view and manage decentralised assets across major blockchain networks using a DeFi Hub. It records transactions and transfers funds without duplicating them using smart contracts.
While DeFi is still in its infancy, it is rapidly growing, according to the DeFi startup Pillow. The Total Value Locked (TVL) increased by 12.5 times to $250 billion in January 2022, from $20 billion in January 2021.
Indians are rapidly adopting DeFi platforms. According to Chainalysis' 2021 Geography of Cryptocurrency Report, the majority of crypto transactions are now taking place on DeFi platforms.
Chainalysis has launched the Global DeFi Adoption Index in addition to the Global Crypto Adoption Index, in which India is ranked second. India is ranked sixth in this index, behind China and the United Kingdom.
The funds will be used to develop alpha-generating DeFi strategies for popular crypto-assets (such as $BTC, $ETH, and stablecoins) and accelerate global expansion for the blockchain startup.
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 crypto rather than letting it sit idle — in other words, it's a crypto savings bank account.
The procedure is straightforward: users log into their crypto exchange platform (for example, WazirX), and instead of withdrawing their assets in fiat currency, they enter their Pillow account's wallet code.
Pillow's platform invests in curated and actively managed DeFi strategies to help generate upside-protected interest of up to 18 percent on crypto-assets. It removes the complexity of DeFi for users, allowing them to invest and earn high yields without having to worry about gas (transaction) fees, underlying chains and tokens, and so on. All they have to do now is connect their cryptocurrency wallet to the DeFi platform.
Pillow has grown to over $1 million in AUM (Assets Under Management) in just three weeks since its beta launch in December 2021, thanks to its stable coin strategy, which provides a 17.8% yield. Pillow keeps a small portion of the spread, a small portion of the spread goes into Pillow's yield reserves, and the vast majority of the returns are passed on to the user.
Pillow uses the custodial service BigGo for custody management and Gnosis Safe for multi-sig capabilities to ensure the security of its customers' crypto-assets. As a result, the startup is also covered for up to $100 million in case of custody issues.
DeFi, or Decentralised Finance, is a blockchain-based form of finance that operates in an open environment without the involvement of central financial intermediaries such as banks, brokerages, or exchanges. Users can view and manage decentralised assets across major blockchain networks using a DeFi Hub. It records transactions and transfers funds without duplicating them using smart contracts.
While DeFi is still in its infancy, it is rapidly growing, according to the DeFi startup Pillow. The Total Value Locked (TVL) increased by 12.5 times to $250 billion in January 2022, from $20 billion in January 2021.
Indians are rapidly adopting DeFi platforms. According to Chainalysis' 2021 Geography of Cryptocurrency Report, the majority of crypto transactions are now taking place on DeFi platforms.
Chainalysis has launched the Global DeFi Adoption Index in addition to the Global Crypto Adoption Index, in which India is ranked second. India is ranked sixth in this index, behind China and the United Kingdom.
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