Polytrade, a web3 protocol focused on global trade, has raised $3.8 million in a seed round led by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures.
Other contributors to the investment round “include Singularity Ventures and GTM Ventures.”
The firm further reveals in a blog post that it has previously been “backed by Polygon co-founder Sandeep Nailwal and QuickSwap co-founder Sameep Singhania, among others.”
The protocol aims “to streamline supply chains through real-time data,” Piyush Gupta, founder and CEO of Polytrade, revealed.
“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.”
Its initial modules “include a financing arm that brings real-world yields onto web3.”
The platform aims “to provide small and midsize enterprises and large corporations with access to working capital financing and invoices.” The platform “has had about 2 million invoices to date, Gupta shared.”
In 2023, it expects its trade financing book size “to touch $50 million.”
Next year, it’s looking at the liquidity of $200 million “into its lending protocol, and all trading ecosystem volume should cross $1 billion.”
Gupta also mentioned:
“While the platform is open to the retail market, its main focus is on institutional players because they are more long-term oriented The company also wants to expand in Latin American, U.S., and European markets.”
Polytrade plans to continue building “various models to bring the entire trading supply system onto the blockchain,” the announcement noted.
As mentioned in a blog post by the firm’s management:
“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.”