Blockchain-based Trade Finance Protocol PolyTrade Successfully Raises $1.2M Funding
The rampant DeFi adoption has witnessed massive opportunities to transform the fin-tech space. The emerging modern financial industry is today witnessing convergence of trade finance and DeFi. Platforms such as Polytrade are instrumental in the systematic application of blockchain technology by promoting trade finance in the world of DeFi.
Polytrade envisions bringing real-world assets to the crypto world, thus creating a seamless experience by connecting buyers, sellers, insurers, & investors. It is focused towards providing real world borrowers with seamless lending options with low interest rates and swift financing, hence fine-tuning the overall experience of small lenders. Moving forth, it strives to build a full-stack lending protocol to empower the growth of small businesses by bringing innovative solutions to the DeFi world. Leveraging blockchain technology to its fullest potential, it aims to simplify receivables financing for real world borrowers freeing up critical working capital; by supplying liquidity and capital tapped from crypto natives.
With the mission to shape the future of trade finance, Polytrade has successfully closed its funding rounds raising $1.2 Million from notable investors and industry leaders including Sandeep Nailwal (Polygon), Master Ventures, Orion Protocol, AU21 Capital, Spark Digital Capital, LD Capital Limited, Icetea Labs, Momentum 6, Krypital Group, ROK Capital, Ramani Ramachandran (Router), Amesten Capital, Axia Ventures, Shima Capital, and DaSheng Capital. The innovative idea has aligned with the vision of the investors to drive mainstream adoption of DeFi.
“We are humbled by the trust our investors have put in us. With our vast experience & stellar team we are confident that this trust is not misplaced. We also thank the drive that the community has been giving us to achieve more. The journey has just begun, we have further and further to go” said Piyush Gupta, CEO of PolyTrade.
With an experienced team relentlessly working towards amalgamating traditional and modern finance, Polytrade is constantly working towards addressing the issues faced in the trade finance industry. One of the major issues is the USD 1.5 trillion gap between the supply and demand for short-term credit. Polytrade addresses the whopping 7 trillion industry and 1.5 trillion USD opportunity which remains unaddressed due to various issues in conventional business practices of Trade finance. Significant financial institutions including World Economic Forum (WEF), Asian Development Bank (ADB), and others have affirmed in favour of the prevalent issues and lack of innovative solutions for the same. The tedious processes of traditional banks, paper-based formalities, stringent regulatory policies, banking regulations, fraudulent activities and restrictions on transactions have made it quite a journey for users to sail through.
Redefining Trade Finance through innovative solutions
Building on the Polygon Network, Polytrade is striving towards fine-tuning the entire experience of an average trader relating to receivables financing. Currently it is working towards tokenizing real-world assets employing the blockchain technology to support the seamless transfer of assets on-chain. It is also actively working towards creating a liquidity pool and providing insurance backed investments to crypto natives reinforcing a safety aspect to attract investors. Although cryptocurrencies are dynamic in nature, it aims to minimize the risk for the investors in respect to volatility. Through Polygon, Polytrade aims to bring scalability, low- transactions costs and high throughput in its ecosystem”
Sandeep Nailwal, COO at Polygon believes that trade finance is one of the indispensable aspects of the financial space.
“ It’s exciting to see POLYGON becoming the chosen platform not just for crypto native ventures, but also for centuries old Trade finance related applications. POLYTRADE team is well experienced in invoice factoring business with 500 million USD under their belt in the last 6 years. Getting this well running business on blockchain will be the much needed push that both the worlds need.“
The platform is all geared up with this product development and marketing activities. As a part of the initial stages of product building, Polytrade has successfully closed funding rounds and secured strategic partnerships. The team has already released whitepaper, launched the website, social platforms and initial documents advocating continuous progress on the product front.
As a part of future milestones, the team will be working on designing the mobile applications, web interface, launch of liquidity pool and executing first transaction.
Find out more about Polytrade: