Pillow, a decentralised finance startup (DeFi), has raised US 3 million dollars in a funding round conducted by Elevation Capital
A decentralised finance startup known as Pillow has recently acquired 3 million dollars from a funding round organised and ushered by Elevation Capital. Pillow is an internet-based company that helps in yielding returns from crypto investments. A list of other investors, namely Sandeep Nainwaal, Ramakant Sharma, Prabhakar Reddy, JD Kanani, Mukund Jha, etc. was also present at the event.
According to the company statement released on Friday announced that the fund will be utilised for global expansion and to create alpha-generating DeFi programmes for favoured crypto assets. Pillow started its platform on 3rd February, and the aim of this company is to give people an opportunity to earn interest from crypto coins and other digital assets rather than letting them sit idle.
Within the first three months of its beta launch, the company executives claim that they have been able to generate US 1 million dollars in assets under management (AUM). Their stable coin strategy gave them a 17.8 percent yield. To secure the customer’s assets and custody management Pillow uses BitGo, which is the world’s leading custodial service. The overall approach of Pillow is to take away the complexity of decentralised finance (DeFi) and give their customers easy access to the technology.