Polytrade, a web3 protocol focused on global trade, announced the attraction of investment funds in the amount of $ 3.8 million following the results of the initial funding round.
Source: Pixabay.com
Alpha Wave, Matrix Partners, Polygon Ventures, CoinSwitch Ventures, Singularity Ventures, and GTM Ventures participated in this round. Previously, the startup was supported by Polygon co-founder Sandeep Nailwal and QuickSwap co-founder Samip Singhania.
Piyush Gupta, founder, and CEO of Polytrade says that the purpose of the protocol is to optimize supply chains through real-time data. He also noted that the most vulnerable point in the global supply chain is the lack of transparency. The head of the company also drew attention to the ongoing practice of manual processes and the active use of traditional procedures for processing documents.
The initial modules of the protocol include a financing mechanism that outputs real returns on web3. The platform provides small and medium-sized enterprises and large corporations with access to working capital financing and invoices. The head of the firm said that as of today, this platform has issued about 2 million invoices.
Piyush Gupta said that the company expects to increase the volume of its trade finance portfolio by $ 50 million in 2023. The firm intends to have $200 million in liquidity next year. The volume of the entire trading ecosystem, if expectations become reality, will exceed $ 1 billion.
Piyush Gupta noted that the platform is open to the retail market, but the focus is on institutional players, as they are more focused on the long-term perspective. The head of the company also stated his desire to expand the scope of activities in the markets of the USA, Europe, and Latin America.
Polytrade, according to the head of the firm, will continue to create various models for the transfer of the entire trading supply system to the blockchain in the future. Piyush Gupta called his goal the unification of each individual trading document, trading financial players, and trading counterparties into a chain so that all of them would have the opportunity to go to one page of the blockchain and know everything about a particular buyer or supplier.
As we have reported earlier, Japanese VCs Join €3 Million Growth Round in Sweden’s Open Payments.
