DeFi start-up Pillow raises $3 mn led by Elevation Capital and marquee angels

Pillow, a DeFi (Decentralised Finance) start-up for cryptocurrency, has raised $3 million in seed funding led by Elevation Capital and crypto angels, including Polygon, FalconX, and Biconomy. 

Decentralised finance is an emerging financial system that does not rely on centralised intermediaries, such as banks, stock exchanges, or brokers. Instead, DeFi protocols use smart contracts to record transactions and transfer funds immutably. 

The funds raised will build alpha-generating DeFi strategies for crypto assets (including $BTC, $ETH, and stable coins), accelerate global expansion, build a strong user community, and grow the Pillow brand to make DeFi accessible worldwide, the company said in 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 & Co-founder, Pillow.

The company claims that it has scaled to more than $1 million in AUM (Assets Under Management) on stable coin strategy providing a 17.8 per cent yield.

Pillow’s platform will help generate downside-protected interest on crypto assets by investing in curated, actively managed DeFi strategies for users to earn high yields.

"Pillow fits right into that theme by abstracting away the complexities of DeFi - and hence making it more accessible. We believe the next big unlock in Web 3.0 is going to come from significantly improving user experiences," said Vaas Bhaskar, Principal, Elevation Capital.