Web3 Polytrade Raises $3.8M in Funding from Alpha Wave and Matrix Partners
- ByStartupStory | March 31, 2023
Web3 Polytrade has secured a seed investment of $3.8 million from a group of investors, including Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures. The company aims to simplify international trade supply chains by utilizing blockchain technology. Other investors who participated in the funding round include Singularity Ventures, GTM Ventures, and several angel investors.
Polytrade is a startup operating in the decentralized finance (DeFi) sector. The company has announced that it intends to use the $3.8 million seed investment to expand its range of products, prioritize marketing efforts, and enter the European and Latin American markets. Over the next two quarters, Polytrade plans to focus on developing a fully integrated trade platform.
Piyush Gupta founded Polytrade with the goal of increasing transparency and visibility while reducing errors, delays, and conflicts in the supply chain by providing real-time data. The company has received support from investors in the Web3 ecosystem, including Sandeep Nailwal, a co-founder of Polygon, and Sameep Singhania, a co-founder of QuickSwap.
Polytrade’s founder, Piyush Gupta, acknowledges the potential impact that Web3 technology could have on the real world and is mindful of any associated issues. He is confident that Polytrade’s stability and attractive returns will make trade finance a popular asset class among investors. The company is actively engaged in various trade finance processes, such as underwriting, tokenization, collections, and secondary asset trading.
Polytrade has announced that it will introduce a new on-chain identification system called ZK-ID, which will enhance the creditworthiness of both suppliers and purchasers. This technology is expected to speed up and secure the verification process, thereby reducing the likelihood of fraudulent transactions. The company has stated that it has raised over $11 million in both traditional credit facilities and DeFi liquidity, giving it the largest funding pool of any trade financing platform in the DeFi sector.
According to Ashish Singhal, the CEO and co-founder of CoinSwitch, Polytrade’s Web3 protocol has the potential to revolutionize the tokenization of real-world assets. He also praised the company’s innovative approach to addressing the pain points of micro, small, and medium-sized enterprises (MSMEs) by focusing on improving liquidity in trade finance markets. Singhal believes that this could lead to a significant transformation in the global trade environment.
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