Elevation Capital Led a $3 Million Investment in DeFi Startup

DeFi Startup: Pillow Digital Technologies Pte Ltd, the company that operates the decentralized finance (DeFi) startup Pillow, has raised $3 million (about Rs 22.5 crore) in initial funding from Elevation Capital.

Scott Lewis (Co-Founder, DeFi Pulse), Ramakant Sharma (Livspace), Prabhakar Reddy (Co-Founder, FalconX), Aniket Jindal (Co-Founder, Biconomy), Farid Ahsan (Sharechat), JD Kanani, and Sandeep Nailwal (Co-Founders, Polygon) were among the others that took part in the round.

A financial system that does not rely on centralized liaisons such as banks, stock exchanges, or brokers is referred to as decentralized finance. DeFi protocols, on the other hand, employ smart contracts to keep track of transactions and transfer cash.

The new money will be used to create ‘alpha-generating’ DeFi techniques for crypto assets such as Bitcoin, Ethereum, and other currencies, grow worldwide, and pursue similar aims.

Arindam Roy, Rajath KM, and Kartik Mishra founded Pillow in 2021. By endorsing active management decentralized finance strategies, the platform promises to help build interest in crypto assets.

According to their LinkedIn accounts, Roy worked at companies such as HyperVerge Inc and Shopee, Km worked at HyperVerge as well, while Mishra worked in Dunzo, Practo, and Mckinsey in various capacities.

The firm claims to have developed organically and scaled to moreover $1 million in funds under management on the strength of its stable currency approach, which pays a 17.8 percent return. The company employs BitGo as its custodian and released its beta platform in December.

“We want to see a future where decentralized money is as democratized as traditional finance, if not more so.” “We’re realising this ambition by making it simple, safe, and secure for our customers to access DeFi yield possibilities,” said Arindam Roy, Pillow’s CEO and Co-Founder.

“We believe that greatly enhancing user experiences will be the next big unlock in Web 3.0.” Pillow fits nicely in with that philosophy by abstracting the complexity of DeFi – and thereby making it more approachable,” said Vaas Bhaskar, Principal at Elevation Capital.