Pillow: The Crypto Investment Startup Everyone Is Talking About
The Pillow cryptocurrency startup has been trending a lot over the past few days. Read on to know more about Pillow
Every day it seems, more and more crypto coins and cryptocurrency projects are popping up, but not all of them end up becoming popular among investors and crypto enthusiasts. More recently, however, a cryptocurrency startup called ‘Pillow’ has been increasingly trending and in the news ever since the company raised $18 million dollars in funding in a Series A financing, which was co-led by Accel and Quona Captial, with assistance from Elevation Capital and Jump Capital. Let’s take a closer look at exactly what ‘Pillow’ is and what the startup aims to achieve.
What Is ‘Pillow’?
Pillow is a Singapore-based cryptocurrency startup which was founded by Arindam Roy, Rajath KM and Kartik Mishra. As per the official website of Pillow, the company is:
‘’Pillow is a digital asset management app that helps users get the best returns on their digital assets with none of the associated hassles. To start off, Pillow is offering users the best returns on their crypto (BTC, ETH, and stablecoins like USDC and USDT). Currently, users can earn up to 10.42% returns on their stablecoins, 6.02% returns on BTC and 6.03% returns on ETH.’’- Pillow offical website.
The Pillow app currently has around 75,000 users from 60 different countries. As of right now, Pillow supports the following 7 digital assets; Bitcoin, Ethereum, Solana, Axie Infinity, Polygon, and the stablecoins USDC and USDT. The company plans to expand to 20 digital assets in the coming months. The company founders also said that since the beginning of the year, the app’s userbase has grown by 300% and the digital assets under their management have increased by 5x and continue to grow.
As per TechCrunch, before creating the startup Pillow, two out of the three co-founders worked together at a software company. Through their interactions with other people on a tech-related Discord server, they came to a realisation. They arrived at the conclusion that the average person does not know how to pay the crypto gas fee, they do not know which transactions they are approving and end up losing money in the process. At this time, they met with Kartik Mishra, who was leading the business for a popular Indian delivery startup called Dunzo. The three of them created the Pillow app in order to make crypto more easily understandable and accessible to the general public since they realised that it would require a high level of technical understanding for most people to carry out advanced crypto transactions.
What Does The Pillow App Do?
According to the official company website, the Pillow app provides interest returns on the cryptocurrencies that users have deposited on their platform. As per the official Pillow website:
“Pillow generates returns by investing the users’ funds into the best blue-chip DeFi protocols on blockchain networks.Pillow has a dedicated research team that actively looks at 500+ protocols across 10+ chains to find the safest protocols to invest the users’ savings in. These protocols are spread across various business models such as lending & borrowing, single-sided staking, insurance, etc. Most of the yield generated from these investments is passed on as returns to the users.”- Pillow official website.
In order to use the Pillow app, users need to sign up and register their accounts on Pillow. In order to properly start using the app, the users will have to provide their KYC (Know Your Customer) information to Pillow. Once the KYC is successful, the app gives the users a brief lesson on the risks that are involved in investing in cryptocurrencies and digital assets.
Disclaimer: This article does not intend to pass on any financial advice and BQ Prime does not endorse any of the cryptocurrencies mentioned above. Please invest at your own discretion.