Polytrade is a web3 protocol that is focused on international trade and is raising $3.8 million through a seed round backed by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures The company exclusively reported to TechCrunch.
Others investors are Singularity Ventures and GTM Ventures. The company has been previously supported by Polygon co-founder Sandeep Nailwal and QuickSwap co-founder Sameep Singhania, among others.
The protocol is designed to simplify supply chains by utilizing real-time data Piyush Gupta, the chief executive officer and founder of Polytrade told TechCrunch.
“The biggest challenge in the global supply chain is the lack of transparency,” Gupta stated. “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.”
The first modules are the financing arm, which brings real-world yields to web3. The platform is designed to offer small and medium-sized companies and big corporations access to invoices and capital financing. The platform has seen about 2 million invoices as of, Gupta shared.
In 2023, the company expects the size of its book for trade financing to reach $50 million, said the official. In the coming year, it’s considering incorporating 200 million of liquidity in its lending program and the entire volume of trade and ecosystems should exceed $1 billion, he said.
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Although the platform is open to retail customers but its primary concentration is on institutions since they are more focused on the long run, Gupta said. The company also plans to expand its reach in Latin American, U.S., and European markets, Gupta said.
Polytrade plans to build “various models to bring the entire trading supply system onto the blockchain,” said the CEO. said.
“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.”