In exciting news, a startup called Web3 Polytrade has successfully raised $3.8 million in funding from various investors. This company aims to make global trade easier and more efficient by using blockchain technology. Let’s take a closer look at what this means and how it can benefit businesses around the world.
What is Web3 Polytrade?
Web3 Polytrade is a startup that operates in the decentralised finance (DeFi) space. They focus on streamlining global trade supply chains using blockchain technology. This means they use a secure and transparent digital ledger to track and verify transactions, reducing errors, delays, and disputes.
The Funding
The recent funding round was led by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures. Singularity Ventures, GTM Ventures, and other angel investors also participated. The total amount raised was an impressive $3.8 million, which will be used to grow Polytrade’s product suite, concentrate on marketing efforts, and expand into the Latin American and European markets.
How Does Polytrade Help Businesses?
Polytrade’s goal is to simplify and improve the trade finance process. They provide real-time data, which helps reduce errors and delays in transactions. By increasing visibility and transparency, businesses can have a better understanding of their supply chain, leading to more efficient operations.
Polytrade’s Unique Features
Polytrade is working on various aspects of trade finance, including underwriting, tokenisation, collections, and secondary trading of assets. They are also launching a ZK-ID on-chain identification system, which will enhance the creditworthiness of suppliers and buyers. This system will enable quick and secure identity verification, reducing the risk of fraudulent transactions.
The Impact
The CEO of Polytrade, Piyush Gupta, believes that Web3 technology can bring significant real-world benefits. By making trade finance more accessible and secure, he hopes to make it a preferred asset class for investors. With their innovative approach, Polytrade aims to revolutionize the global trade ecosystem and provide more liquidity to trade finance markets.
Conclusion
Web3 Polytrade has secured $3.8 million in funding to further develop its blockchain-based platform for global trade. By leveraging the power of blockchain technology, they aim to simplify supply chains, reduce errors and delays, and increase transparency in trade transactions. With their innovative solutions, Polytrade is paving the way for a more efficient and secure trade finance system.
