A web3 protocol Polytrade focuses on international trade. The startup announced that it had secured $3.8 million in a seed round headed by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures.
Web3 Protocol Polytrade Announces Raising $3.8 Million
Singularity Ventures and GTM Ventures are a couple of other investors. Sandeep Nailwal, a co-founder of Polygon, and Sameep Singhania, a co-founder of QuickSwap, were among the company’s prior backers.
“The biggest challenge in the global supply chain is the lack of transparency. The manual processes, the paperwork; you would be surprised if you submit a document in a bank in India, they still ask you to sign the document with an ink-based signature […] it’s a lot of manual labor.”
Piyush Gupta, founder, and CEO of Polytrade
Gupta’s Statement
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 platform has received around 2 million invoices thus far.
It anticipates that its trade financing book will 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. In addition, Gupta said that the company also desires to grow in the Latin American, American, and European markets.
“My single focus is to bring every single trade document, trade financial players and trade counterparties on chain, so that everybody can go to one blockchain page and know everything about a particular buyer or supplier.”
Gupta
Leave a comment