Polytrade, a web3 protocol aimed at streamlining global trade and supply chains, has raised $3.8 million in a seed round led by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures, with additional investment from Singularity Ventures and GTM Ventures. The platform plans to bring the entire trading supply system onto the blockchain, starting with a financing arm that provides small- and mid-sized enterprises as well as large corporations with access to working capital financing and invoices. Polytrade’s founder and CEO, Piyush Gupta, says the platform aims to solve the lack of transparency in the global supply chain caused by manual processes and paperwork. The company is focused on institutional players, but remains open to the retail market, and plans to expand into the Latin American, US, and European markets. By 2023, Polytrade expects its trade financing book size to touch $50 million, with liquidity of $200 million into its lending protocol next year and trade ecosystem volume crossing $1 billion.
Polytrade secures $3.8M in funding to enhance worldwide trade efficiency through the Web3 protocol.
