Web3 Protocol Polytrade Raises $3.8 Million In Funding
Polytrade, a web3 protocol, has raised $3.8 million in a seed funding round led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures. Singularity Ventures, GTM Ventures and other notable angels also participated in the funding round.
As per the firm, the raised funds will be utilised to grow its product suite, concentrate on marketing and enter other markets in Latin America and Europe. Additionally, in the next two quarters, the startup plans to focus on bringing a fully integrated trade platform.
Polytrade | Shaping The Future Of Trade Finance
Founded by Piyush Gupta in 2021, Polytrade is a blockchain-enabled trade finance platform on Polygon Chain, allowing worldwide SMEs to get unprecedented direct access to trade financing opportunities while offering attractive rewards to those that support the lending pools.
The firm offers SMEs and manufacturers capital based on their blue-chip receivables.
Speaking on the development, Piyush Gupta, Founder of Polytrade, said,
“We understand where the problems lie as well as the real-world impact web3 can bring. I also firmly believe that with Polytrade, we will make trade finance one of the most preferred asset classes for investors given its relative safety coupled with robust yields.”
The initial modules on Polytrade include a financial arm, which allows SMEs to access working capital financing against their invoices. It also allows lenders to receive strong yields through safe and insured invoices. Polytrade has already raised more than $11 million in decentralised finance (DeFi) liquidity and traditional credit facilities.
Commenting on the development, Sandeep Nailwal, cofounder and CEO of Polygon, said,
“Polytrade’s integration of DeFi with traditional finance represents a much-anticipated step forward in the evolution of the financial landscape. Given our long-standing relationship with the team, I am convinced that their unwavering dedication to real-world assets and DeFi will prove to be a transformative force for the web3 ecosystem and drive widespread adoption.”
Presently in its nascent stages, the web3 ecosystem in India is fast becoming one of the most lucrative in the world. As per a report by NASSCOM, India’s Web3 ecosystem fosters 11% of the world’s Web3 talent, employing nearly 75,000 people and is home to 450 Web3 startups.
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