Web3 Polytrade raises $3.8 million in funding from Alpha Wave, Matrix Partners, others
In the decentralised finance (DeFi) industry, the startup is active. According to Polytrade, it plans to use the money to expand its product line, prioritise marketing, and break into the European and Latin American markets. In the upcoming two quarters, the company stated it will concentrate on bringing the fully integrated trade platform.
Polytrade, a company founded by Piyush Gupta, intends to improve visibility and transparency while decreasing errors, delays, and disagreements in the supply chain by giving real-time data. Sandeep Nailwal, a co-founder of Polygon, Sameep Singhania, a co-founder of QuickSwap, and other investors from the Web3 ecosystem previously supported the firm.
"We are aware of the issues and the potential effects that Web3 could have in the actual world. With its relative stability and high yields, I'm also confident that Polytrade will elevate trade finance to the top of investors' favourite asset classes, according to Gupta. The business said that it was actively working on a number of trade finance-related processes, including underwriting, tokenization, collections, and secondary asset trading.
"ZK-ID on-chain identification system, which will increase the creditworthiness of suppliers and purchasers, is going to be launched by Polytrade. This technique will make identification verification rapid and safe, reducing the possibility of fraudulent transactions," it claimed. According to the business, it has raised more than $11 million in traditional credit facilities and DeFi liquidity, "making it by far the largest corpus of any trade financing platform in the DeFi globe."
We believe that Polytrade's Web3 protocol will enhance the real-world asset tokenization narrative," stated Ashish Singhal, co-founder and CEO of CoinSwitch. Their creative strategy for addressing MSMEs' (micro, small, and medium-sized companies') pain concerns with a focus on increasing liquidity in trade finance markets has the potential to completely transform the world trade environment.