Web3 Protocol Polytrade Raises Fund for Global Trade Improvement
FINANCE STARTUP 

Web3 Protocol Polytrade Raises Fund for Global Trade Improvement

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Decentralized finance (DeFi) startup Polytrade raises fund of $3.8 million in a seed round headed by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures with a focus on international trade.

Singularity Ventures and GTM Ventures are two additional investors. Sandeep Nailwal is a co-founder of Polygon and Sameep Singhania is a co-founder of QuickSwap, among others who have previously supported the company.

According to Piyush Gupta, founder, and CEO of Polytrade, the protocol attempts to optimize supply chains using real-time data.

According to Gupta, the absence of openness is the largest problem in the global supply chain. You might be astonished to learn that submitting a document to a bank in India still requires you to sign it with an ink-based signature. It takes a lot of human labor.

A finance arm that uploads actual yields from the real world to web3 is one of its early modules. The website seeks to give access to invoicing and working capital funding to both small and large businesses. According to Gupta, the site has received around 2 million bills thus far.

It anticipates that its trade financing book would reach $50 million in size in 2023, he said. It expects to have $200 million in liquidity into its loan protocol the following year and the total trading ecosystem volume should surpass $1 billion, he continued.

Although the platform is accessible to the retail sector, institutional players receive the majority of its attention since they are more long-term focused. According to Gupta, the company also desires to grow in the Latin American, American, and European markets.

He stated that Polytrade intended to keep developing “other methods to move the entire trading supply system onto the blockchain”.

The author states that,”My sole objective is to put every single trade document, financial transaction participant, and trade counterparty on chain, so that everyone can go to one blockchain page and know everything about a specific buyer or supplier”.