A decentralized finance startup, Pillow Digital Technologies Pte Ltd, has secured a seed capital round of $3 million (around Rs 22.5 crore) led by Elevation Capital.
Additionally, Scott Lewis (Co-Founder, DeFi Pulse), JD Kanani and Sandeep Nailwal (Co-Founders, Polygon), Prabhakar Reddy (Co-Founder, FalconX), Aniket Jindal (Co-Founder, Biconomy), Ramakant Sharma (Livspace) and Farid Ahsan (Sharechat) participated in the round.
A decentralized financial system is one that is independent of centralized intermediaries, such as banks, stock exchanges, and brokers. Smart contracts are used instead of centralized intermediaries to record transactions and transfer funds.
We plan to use the fresh funds to develop ‘alpha-generating’ DeFi strategies for crypto assets such as Bitcoin, Ethereum, and other coins, expand globally, and develop similar goals.
Pillow was founded by Arindam Roy, Rajath KM, and Kartik Mishra in 2021. The platform supports actively managed DeFi strategies in order to generate interest in crypto assets.
Roy was previously working at startups such as HyperVerge Inc. and Shopee. Km had also worked at HyperVerge, while Mishra worked at Dunzo, Practo, and Mckinsey in various roles, as per their LinkedIn profiles.
The startup launched its beta platform in December. It claims to have grown organically and scaled to more than $1 million in assets under management based on its stable coin strategy, which provides a 17.8% yield. The company’s custodian is BitGo.
Our goal is to create a future in which access to decentralized finance is democratized, if not more so than traditional finance. By allowing our users access to DeFi yield opportunities in a simple, safe, and secure way, we are fulfilling this vision,” said Arindam Roy, CEO and Co-Founder of Pillow.
We believe the next big breakthrough is going to be the improvement of user experiences in Web 3.0. Pillow fits right into that theme by abstracting away the complexities of DeFi and making it more accessible,” Vaas Bhaskar, Principal, Elevation Capital, stated.