Decentralised Finance (DeFi) startup Pillow, raised $3 million in seed led by Elevation Capital where prominent crypto angels such as DeFI Pulse’s Scott Lewis, Polygon’s JD Kanani and Sandeep Nailwal FalconX’s Prabhakar Reddy and Biconomy’s Aniket Jindal, among others also participated.
Pillow is an exclusive community for users all over the world who want to earn market-beating interest rates on their cryptocurrency rather than letting it sit idle. The funds raised will be used to develop 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 in order to make DeFi available globally, according to a statement from the company. According to the company, it has scaled to more than $1 million in AUM (Assets Under Management) on a stable coin strategy that provides a 17.8% yield. Pillow's platform will assist in generating downside-protected interest on crypto assets by investing in curated, actively managed DeFi strategies that will allow users to earn high yields.