In a seed funding round led by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures, Web3 Polytrade has raised $3.8 million. The company intends to simplify global trade supply chains with the help of blockchain technology.
Additionally, Singularity Ventures, GTM Ventures, and other angel investors participated in the funding round, as per reported by The Economic Times.
Within the next two quarters, the company has expressed its commitment to concentrate on the development of a fully integrated trade platform.
To improve supply chain efficiency, Piyush Gupta established Polytrade to reduce errors, delays, and disagreements while simultaneously raising visibility and transparency.
“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,” Gupta said in a statement.
Previously, Web3 Polytrade had received support from several investors in the Web3 ecosystem, including Polygon co-founder Sandeep Nailwal, QuickSwap co-founder Sameep Singhania, and other notable investors.
“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 said: “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 a global footprint and focus on bringing more liquidity to trade financial markets has the potential to revolutionize the global trade ecosystem.”
In addition to providing global SMEs with unprecedented direct access to trade financing possibilities, PolyTrade is a blockchain-enabled trade finance platform on Polygon Chain that offers rewarding incentives to those who support the lending pools.