Web3 Polytrade Raises $ 3.8 Million in Funding Round
Web3 Polytrade, which aims to streamline global trade supply chains using blockchain, has raised $3.8 million in a seed round led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures. Singularity Ventures, GTM Ventures and other angel investors also participated in the round.
The startup operates in the decentralized finance (DeFi) space.
According to the company it intends to use the funds to grow its product suite, concentrate on marketing, and enter the Latin American and European markets.
According to the company it would focus on bringing the fully integrated trade platform in the next two quarters.
Founded by Piyush Gupta, Polytrade aims to streamline the supply chain by providing real-time data, reducing errors, delays, and disputes, while also improving visibility and transparency.
The startup was earlier backed by Polygon cofounder Sandeep Nailwal, QuickSwap cofounder Sameep Singhania, and other Web3 ecosystem investors.
“We understand where the problems lie as well as the real-world impact Web3 can bring. I also firmly believe that with Polytrade, we will make trade finance one of the most preferred asset classes for investors given its relative safety coupled with robust yields,” says Singhania.
We believe that Polytrade’s Web3 protocol will strengthen the real-world asset tokenization narrative
“Polytrade is soon launching a ZK-ID on-chain identification system, which will improve the creditworthiness of suppliers and buyers. This method will allow for quick and secure identity verification, lowering the risk of fraudulent transactions,” it added.
CoinSwitch cofounder and CEO Ashish Singhal says, “We believe that Polytrade’s Web3 protocol will strengthen the real-world asset tokenization narrative. Their innovative approach to addressing the pain points of MSMEs (micro, small and medium enterprises) with global footprint and focus on bringing more liquidity to trade finance markets has the potential to revolutionize the global trade ecosystem.”