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 stable-coins like USDC and USDT).
Currently, users can earn up to 10.42% returns on their stable-coins, 6.02% returns on BTC and 6.03% returns on ETH.
Pillow aims to make it as simple as possible for users to start earning the best returns on their crypto. Today, to invest in DeFi and start earning returns, users have to jump through multiple hoops: right from setting up a Metamask wallet to transferring their crypto on-chain to understanding gas fees, bridging and many other aspects.
While there is so much value being created in DeFi, the process needs to be much simpler for the users.
That’s where Pillow steps in. Users just have to transfer their crypto to their Pillow account and they start earning returns immediately. Pillow does all the heavy lifting at the backend while ensuring a seamless investment journey on the front-end.
Pillow has raised $3M from some of the top investors across the globe. Elevation Capital led the round as the primary VC.
Apart from this, Pillow has raised money from crypto native angels such as Sandeep & Jaynti (Co-Founders, Polygon), Scott Lewis (Co-Founder, DeFi Pulse), Prabhakar Reddy (CEO, FalconX), and Aniket Jindal (Co-Founder, Biconomy).
Pillow is also backed by industry stalwarts like Farid Ahsan (ShareChat), Mukund Jha (Dunzo), Kush Taneja & Sambhav Jain (FamPay), Mike Rosengarten (Camino), Brijesh Bharadwaj (Dunzo), Paul Finney (SpaceKayak) and Suhas Motwani (The Product Folks)
Pillow is incorporated in Singapore and with a tech office in Bangalore, India. Considering COVID, the team is working from their respective homes.
Pillow makes profits from the returns generated on top of the 10.42% returns made accessible to you.
Pillow keeps a small percentage of the spread generated, a small percentage also goes into Pillow’s yield reserves, and the vast majority of the returns are passed on to the user.
Pillow is a global product and welcomes people from all geographies where investment in crypto and DeFi is legal. Users from all over the world can sign-up and start investing upon completing their KYC.
Pillow never trades your assets for unlike assets
Pillow, depending on strategy, may:
This is to ensure that the users’ deposited principal is never at risk because of market conditions. You always walk away with the assets that you deposited plus the returns generated on top.
While Pillow is still in the early access phase, you can get access to Pillow by signing up for the early access.
Once more early access slots open up, you shall receive an email from us informing you of the same with a link to download the app.
Pillow always ensures the best returns on your crypto irrespective of the crypto that you bring in.
Pillow is the only app that allows you to start generating the best interests on your crypto via DeFi without having to worry about the other hassles like gas fees, bridging, security, etc.
Pillow has built a world-class research team that analyzes 500+ protocols across 10 chains to ensure that the users’ crypto is being invested in the best protocol with the least amount of risk.
Pillow uses BitGo for custody, the world’s leading custodial service used by the top exchanges and companies across the world. This also means that the users’ funds are insured up to $250M on any problems arising because of custody.
Pillow generates returns by investing the users’ crypto into the best blue-chip DeFi protocols.
Pillow has a dedicated research team that actively looks at 500+ protocols across 10+ chains (such as Ethereum, Polygon, Fantom, Arbitrum, etc.) to find the safest protocols to invest the users’ crypto in. These DeFi 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.
The current strategy, based on market conditions, offers up to 10.42% APY on the USDx product and up to 6% APY on the BTC and ETH. There are minor fluctuations on a day to day. Any significant changes to these rates will be communicated well in advance to the users to ensure complete transparency and to allow the users to take appropriate decisions as and when necessary.
Once the deposit is successful, users start earning returns immediately. For ease of use, returns are credited daily at a pre-determined time.
The returns are credited to your account daily at a pre-determined time.
The return rate on the USDx Case (which takes deposits of USDC or USDT) is currently 10.42% APY.
E.g. If you have $25,000 invested
- $500 will earn 10.42% APY
- The balance $24,500 will earn 8.42% APY
The return rate on the BTC Case (which takes deposits of BTC) is currently 6.02% APY.
E.g. If you have 1 BTC invested
- 0.3 BTC will earn 6.02% APY
- The balance 0.7 BTC will earn 3.08% APY
The return rate on the ETH Case (which takes deposits of ETH) is currently 6.03% APY.
E.g. If you have 10ETH invested
- 5 ETH will earn 6.03% APY
- The balance 5 ETH will earn 3.51% APY
Yes, you will start earning returns as soon as your funds are successfully deposited.
Pillow requires you to complete your KYC for regulatory compliance. Regulations across geographies mandate that Pillow collects KYC as well as does AML (anti-money laundering) checks on its users before allowing them to deposit their crypto or fiat (local currencies).
This one-time process ensures that our users face no legal or financial hassles later and are investing in a fully-compliant manner.
In case your KYC fails, you will get an option to retry your KYC. Please try to ensure the following
If you’re unable to resolve the issue, do join our Telegram channel and request for support or write to us at firstname.lastname@example.org
This message appears when the automated KYC system flags your application as an edge case because of a blurry image or other reasons. The manual review team will check your application and clear this out as soon as possible. Please check the app again in 30 minutes or when notified.
You need the following documents to do your KYC for INR deposits
It is just a simple three-step process to finish your KYC on Pillow to start with INR or crypto deposits
Once your KYC is approved in a couple of minutes, you’re good to go with depositing crypto or INR in Pillow.
It is just a simple three-step process to finish your KYC on Pillow to start with crypto deposits
Once your KYC is approved in a couple of minutes, you can start depositing crypto into your Pillow account and start earning interest.
To get started on Pillow:
There is no minimum deposit to get started on Pillow via crypto.
A typical user brings in these amounts on average as their first deposit across available payment modes:
The following forms of payment are supported
There is no maximum amount that one can deposit in Pillow. Currently, there are users who have deposited greater than $300k as well in Pillow to earn 10.42% returns on their deposit.
In case you run into issues while investing in Pillow, you can either get our real-time chat support via WhatsApp, or join our vibrant Telegram community, or even write to us at email@example.com.
Whatever your question, we should be able to help you through the process and ensure you can safely invest in Pillow.
Crypto deposits made via Pillow:
For fiat (local currency) deposits via Pillow’s on-ramp partners:
Pillow currently supports Ethereum and the Binance Smart Chain for deposits to begin with for USDC and USDT.
We recommend using the Binance Smart Chain (BSC) for transactions to minimize gas fees.
Pillow accepts BTC on the BTC network and ETH on the ERC-20 network only.
We will be expanding support to Polygon and other chains shortly.
Yes, you can directly deposit your crypto by sending crypto to your Pillow wallet address.
We currently accept
Pillow currently accepts USDT and USDC on the ERC-20 and BSC networks.
We would recommend using the BSC network for lower gas fees.
Currently, Pillow supports deposits of only BTC, ETH, USDC and USDT. Sending crypto other than these supported ones can lead to a loss of your crypto.
We will be expanding the investment strategies to other tokens/coins like MATIC, SOL, etc. based on the user feedback and demand.
You can withdraw your funds at any time that you want. There is no lock-in period for your funds.
You can withdraw your funds to a custodial wallet (like Metamask), an exchange address or any other wallet that you own.
If you're an Indian user, you can also withdraw you money to the bank account registered by you on the Pillow app.
You can withdraw your funds to your wallet of choice:
Fiat Withdrawal (INR Only):
You can choose to withdraw whatever portion of your balance available on Pillow.
For global users, Pillow currently does not support withdrawals to your bank accounts.
For Indian users, Pillow allows you to withdraw to your registered bank account from within Pillow.
Check the answer for "How do I withdraw funds?" for a step by step guide.
There are zero fees charged for withdrawals.
Unlike exchanges, withdrawals on Pillow involve unlocking DeFi investments across multiple chains and bringing them to you consolidated on a single chain.
For Indian users, who are trying to withdraw to their bank account, it can take up to 2 hours for the funds to be credited to your registered bank account once you successfully place a withdrawal request.
Indian tax laws do not have pre-defined rules to tax the returns made via crypto assets as of today.
The best practice for returns made via crypto assets is to categorise them as business income and are pay 30% tax for retail users with taxable income of up to INR 1 Crore.
You can also declare the returns as “income from other sources”. There might be a possibility that with the new crypto bill, crypto returns could come under long-term and short-term capital gains. Pillow will keep you posted about the latest developments on this front and help you get clarity as there is more clarity from the regulators.
Towards the end of the financial year, Pillow will help you generate a tax statement based on the returns generated in Pillow. In case of any questions in the meanwhile, please do reach out our support on WhatsApp, join our vibrant Telegram Community or write to us at firstname.lastname@example.org.
Please do note that Pillow is not a registered financial advisor and we recommend you to check with your accountant or tax consultant before making tax-filing decisions.
There are four main risks when investing in DeFi via Pillow:
Regulatory & Legal Risk
Smart Contract Risk
The risks are completely managed for you by Pillow to the best extent possible.
Pillow has a dedicated research team that is actively researching 500+ protocols across 10 different chains to ensure the best returns for you while ensuring the maximum safety which includes
Smart Contract Risks
Pillow takes deposits and invests only using blue-chip stablecoins such as USDC, USDT and DAI. While there is no insurance taken against the peg, these are stablecoins which have survived multiple bull and bear markets and are battle-tested.
Deposits in Pillow are not insured by FDIC or any other providers. However, Pillow works with BitGo for custody as a result of which Pillow has an up to $250M insurance for any problems that arise in funds that are in BitGo’s custody.
Pillow’s research and smart contract teams work actively to ensure the least amount of risk while ensuring the best yields for the user.
Pillow uses BitGo as its custodial partner. BitGo is the world’s leading custodian and is the custodian for some of the top crypto exchanges across the world. BitGo also comes with up to $250M in insurance for issues that arise to the funds in custody.
Our research and smart contract teams are actively evaluating every protocol for risks, checks for smart contract audits by leading smart contract audit firms such as Certik and rebalances portfolios for effective risk management.
Pillow has the leading DDoS protection, Gnosis-safe multi-signature mechanisms and follows the industry best practices to ensure the safety of the users’ funds.
Pillow uses BitGo for custody and BitGo is trusted by top crypto exchanges across the world for custody.
Pillow’s transactions are signed by Gnosis-safe multi-signature authentication to ensure no breach of security.
Apart from this, Pillow uses AES-256 encryption to ensure that all data transmission is encrypted.