Meet Pillow, The Latest DeFi App To Set Foot On Sri Lankan Soil
Posted 8,June

By Chehan Jayasuriya

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Pillow Fund, a decentralized finance start-up from India, recently opened its doors to Sri Lankans. Here’s what Pillow Fund’s Sri Lankan Ambassador Nisal Chandrasekara had to share with us at Ceylon Exchange Mentoring. 

What’s Pillow Fund? 

Pillow Fund is a decentralized finance app founded by Arindam Roy, Rajath KM, and Kartik Mishra in 2021. Users of the platform can deposit their crypto assets in the app and get paid interest on a daily basis. Pillow aims to enable DeFi for everybody by minimizing the hassle of using such platforms. Co-Founders of Polygon JD Kanani and Sandeep Nainwa, Co-Founder of FalconX Prabhakara Reddy and Ramakant Sharma, and Dunzo’s Mukund Jha of Livespace have also jumped in on the project. 

What’s Decentralized Finance? 

According to Investopedia.com, Decentralized Finance, or DeFi, is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services. 

How does Pillow Work? 

As we mentioned already, Pillow is a DeFi platform where users can deposit their crypto assets in return for superb returns. Any user who opens an account in the Pillow App will have the chance to deposit Bitcoin, Ethereum, and Stablecoins such as USDT and USDC. Users will be paid interest on a daily basis. Here, Pillow will pay you interest in the same currency you have deposited. Currently, Pillow offers impressive rates, with 13.68% per annum for Stablecoins and 6.03% per annum for Bitcoin and Ethereum. 

As a Sri Lankan, why should I open an account at Pillow? 

There are many reasons as to why you should open an account at Pillow and start investing. For starters, it’s a great way to hedge against the Sri Lankan Rupee, which is inflating at an alarming rate. An added advantage is the ability to utilize your foreign currency earnings to get maximum ROI.

How do I get started? 

Opening an account at Pillow is very simple. First, you can download the app through the Apple App Store or the Google Play Store. Next, you can open an account and verify your identity. Pillow has gone the extra mile to simplify the 

verification process by enabling NIC, Drivers’ License, and Passport verification for the Sri Lankan market. Users can use any one of these methods to verify themselves on the platform. 

What do I do next? 

Next, you can transfer your crypto assets to the Pillow App. At present, Pillow supports ERC20 and BEP20 platforms for withdrawal purposes. Operations are currently underway to expand withdrawal mechanisms to Solana and Polygon as well. Once you transfer your crypto assets to Pillow, you’ll be paid out interest on a daily basis. Interest will be paid out in the same token that you have deposited. For example, if you deposit Bitcoin in the platform, you’ll be paid out interest in Bitcoin. 

How are users protected on Pillow? 

To assure users’ safety, Pillow uses BitGo, the world’s leading custodial, for custody management. It leverages Gnosis Safe for multiple sign-ins. Insurance for $ 250 million in Assets Under Management (AUM) is provided. 

A WhatsApp customer service that’s active 24/7 has been established by Pillow to help Sri Lankan customers solve any issues that they might come across. A Telegram channel has also been set up to let users interact with Pillow more actively. 

We, at Ceylon Exchange Mentoring, would like to wish the best of luck to Pillow Fund with their future endeavours.

 

App link – https://pillow.onelink.me/aX5O/p5ebnic7

Community Link – https://t.me/PillowFundSL