Polytrade, a web3 protocol for worldwide trade, earned $3.8 million in a seed round headed by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures, the business said On confidentially.
GTM Ventures and Singularity Ventures invest. In addition, Sandeep Nailwal, Sameep Singhania, and others have funded the company.
Polytrade creator and CEO Piyush Gupta said the protocol streamlines supply chains using real-time data.
Gupta said the global supply chain’s largest issue is openness. “Manual procedures, paperwork; you would be astonished if you submit a document at a bank in India, they still ask you to sign the document with an ink-based signature […] it’s a lot of physical labor.”
Financing delivers real-world yields to web3. The portal provides operating money and invoicing to small and midsize businesses and major organizations. Gupta reported 2 million invoices on the site.
He predicted a $50 million trade financing book in 2023. In addition, he said it would add $200 million to its lending protocol next year and cross $1 billion in trading ecosystem traffic.
Gupta noted that institutional investors are more long-term focused. Thus, the platform prioritizes them above regular investors. Gupta said the business hopes to expand in South American, U.S., and European markets.
He stated that Polytrade will construct “different approaches to move the whole trading supply system onto the blockchain.”
“My only objective is to bring every trade document, trade financial actor, and trade counterparty on chain, so that anybody can go to one blockchain page and know everything about a given buyer or supplier.”