Polytrade, a global trade focused Web3 protocol, has secured $3.8m in its seed funding round.
The investment was led by Alpha Wave, with commitments also coming from Matrix Partners, Polygon Ventures, Singularity Ventures, GTM Ventures and CoinSwitch Ventures.
The aim of Polytrade is to streamline supply chains through real-time data. Polytrade founder and CEO of Polytrade Piyush Gupta explained that the biggest challenge within the global supply chain is the lack of transparency. One of the causes of this is the dependence on manual processes and paperwork.
To fix the problem, Polytrade enables SMEs and large organisations to seek working capital financing options. Targets for 2023 are to increase its trade financing book size to $50m.
According to its website, users can deposit stablecoins on the Polytrade lender pool to finance Real-World Assets that are backed by insurance and earn double digit yields.
With the support of the fresh capital, Polytrade hopes to build various models that will help bring the entire trading supply system onto the blockchain.
Earlier in the week, Finverity, a digital ecosystem for trade and supply chain finance, secured $5m in a heavily oversubscribed equity funding round. The company connects companies in need of working capital optimisation and institutional investors looking to access the alternative asset class through the selling of invoices.
In other blockchain news, multi-chain liquidity and data gateway LI.FI raised $17.5m in a Series A fundraise co-headed by CoinFund and Superscrypt.
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