Web3 Protocol Polytrade Bags Funding To Integrate DeFi With Conventional Finance

HTTP Protocol 3 In a seed round headed by Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures, Polytrade received $3.8 million. Along with other well-known venture investors, Singularity Ventures, GTM Ventures, and others, they participated in the round. With the money collected, Polytrade plans to expand its product line, focus on marketing, and break into new markets in Europe and Latin America. The company also intends to concentrate on bringing a completely integrated commerce network over the course of the following two quarters.

Polytrade Bags Funding To Integrate DeFi

After raising $1.2 million in its initial coin offering, it has now collected $5 million in the financing, not counting the most recent round. Piyush Gupta founded Polytrade in 2021, which provides producers and SMEs with financing based on their blue-chip receivables.

The original Polytrade modules come with a financial arm that enables SMEs to access working capital funding against their invoices and enables lenders to earn high yields from secure and insured invoices. It has already gathered more than $11 Mn through conventional credit lines and decentralized finance (DeFi) funding.

Speaking about the news, Gupta said, "We are aware of the issues and the potential effects that web3 can have in the actual world. Due to its relative safety and high returns, I'm also confident that Polytrade will turn trade finance into one of the most popular asset groups for buyers."

With respect to RWAs, the platform takes a full-stack strategy, handling the sourcing, underwriting, insurance, and collection on behalf of its clients. Additionally, the platform makes available its proof of trade, which attests to the fact that Polytrade is in charge of keeping track of the underlying assets for each group and that no other parties are involved, guaranteeing the security of the funds.

Businesses can also borrow money against their stablecoin assets on Polytrade, incidentally. According to the company, it will introduce the ZK-ID on-chain identity system, which will increase the creditworthiness of vendors and customers. By using this technique, identification authentication can be done quickly and securely, reducing the possibility of fraudulent deals.

"Polytrade's integration of DeFi with traditional finance represents a much-anticipated step forward in the evolution of the financial landscape," continued Sandeep Nailwal, cofounder and CEO of Polygon. Given our long-standing connection with the team, I am confident that their unwavering commitment to real-world assets and DeFi will establish them as a transformative force for the web3 environment and encourage broad usage.

The web3 environment in India is quickly rising to the top of the global wealth list. According to a NASSCOM study, despite being in its early phases, the nation's Web3 ecosystem supports 11% of the Web3 talent worldwide, employs close to 75,000 people, and houses 450 Web3 companies.

A web3 accelerator school called Graviton revealed last month that it would choose up to 10 web3 companies for its 16-week course.