Web3 protocol Polytrade raised $3.8 million in seed led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures

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Web3 protocol Polytrade raised $3.8 million in seed led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures where Singularity Ventures, GTM Ventures and other notable angels also participated.

Polytrade intends to use the funds raised to expand its product portfolio, focus on marketing, and expand into new markets in Latin America and Europe. Furthermore, the startup intends to focus on bringing a fully integrated trade platform in the next two quarters.

Polytrade provides capital to SMEs and manufacturers based on their blue-chip receivables.

Polytrade’s initial modules include a financial arm that allows SMEs to access working capital financing against their invoices while also allowing lenders to receive high yields on safe and insured invoices. It has already raised more than $11 million in DeFi liquidity and traditional credit facilities.

Gupta stated in response to the announcement, “We understand where the problems are as well as the real-world impact web3 can bring.” I am also confident that, with Polytrade, we will make trade finance one of the most preferred asset classes for investors, owing to its relative safety and robust yields.”

The platform approaches RWAs holistically, originating, underwriting, taking insurance, and collecting on behalf of its investors. The platform also publishes its proof of trade, which certifies that Polytrade has custody of the underlying collateral for each pool and that no third party is involved, ensuring fund safety.

Businesses can also borrow money against their stablecoin holdings on Polytrade. The startup announced the launch of the ZK-ID on-chain identification system, which it claims will increase the creditworthiness of suppliers and buyers. This method will enable fast and secure identity verification, reducing the risk of fraudulent transactions.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Web3 protocol Polytrade raised $3.8 million in seed led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures

Web3 protocol Polytrade raised $3.8 million in seed led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures where Singularity Ventures, GTM Ventures and other notable angels also participated.

Polytrade intends to use the funds raised to expand its product portfolio, focus on marketing, and expand into new markets in Latin America and Europe. Furthermore, the startup intends to focus on bringing a fully integrated trade platform in the next two quarters.

Polytrade provides capital to SMEs and manufacturers based on their blue-chip receivables.

Polytrade’s initial modules include a financial arm that allows SMEs to access working capital financing against their invoices while also allowing lenders to receive high yields on safe and insured invoices. It has already raised more than $11 million in DeFi liquidity and traditional credit facilities.

Gupta stated in response to the announcement, “We understand where the problems are as well as the real-world impact web3 can bring.” I am also confident that, with Polytrade, we will make trade finance one of the most preferred asset classes for investors, owing to its relative safety and robust yields.”

The platform approaches RWAs holistically, originating, underwriting, taking insurance, and collecting on behalf of its investors. The platform also publishes its proof of trade, which certifies that Polytrade has custody of the underlying collateral for each pool and that no third party is involved, ensuring fund safety.

Businesses can also borrow money against their stablecoin holdings on Polytrade. The startup announced the launch of the ZK-ID on-chain identification system, which it claims will increase the creditworthiness of suppliers and buyers. This method will enable fast and secure identity verification, reducing the risk of fraudulent transactions.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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