Polytrade, a blockchain trade finance protocol, announced the closing of a $1.2 million funding round with 33x oversubscription, Medium reported on May 28. As a platform to simplify receivables financing, Polytrade aims to shape the future of trade finance by bringing safe and secure physical assets into the cryptocurrency space.
Individuals and institutions participating in this round include Sandeep Nailwal (Polygon), Master Ventures, David (Huobi), Orion Protocol, AU21 Capital, Spark Digital Capital, LD Capital Limited, Icetea Labs, Momentum 6, Krypital Group, ROK Capital, Ramani Ramachandran (Router), Amesten Capital, Axia Ventures, Shima Capital and DaSheng Capital.
With a global trade finance market worth over $7 trillion, the market is vast. According to the World Trade Organization, approximately 80 to 90 percent of global trade requires the help of trade finance. However, various industry issues have remained unresolved for a long time. Among them, the biggest problem is the huge gap of US$1.6 trillion in the supply-demand ratio of short-term credit.
Different important platforms such as the World Economic Forum and the Asian Development Bank have pointed out problems such as the gap in the trade finance market and the rejection of financing requests. Receivables financing is a specific part of trade finance and also faces many issues such as funding shortages, bank regulation, paper-based processes, fraud and transaction size limits among other challenges.
Polytrade aims to simplify accounts receivable financing by connecting buyers, sellers, insurers and investors to provide a seamless and convenient accounts receivable financing experience. It promises to combine blockchain technology with its advanced protocols to bring premium services to users. polytrade will support the investment to achieve its vision by tokenizing real-world invoices, leveraging cryptocurrency liquidity pools, and providing secure insurance to cryptocurrency investors. In addition, unlike cryptocurrencies, the investment vehicle is not as volatile.
Polygon COO Sandeep Nailwal believes that trade finance is an essential part of the financial landscape.
It’s great to see Polygon not only becoming the platform of choice for crypto-native businesses, but also favored by centuries-old trade finance applications. the Polytrade team is experienced in invoice factoring, having handled $500 million in assets over the past six years. Both areas are in dire need of a blockchain technology boost.
This funding will significantly fuel the company’s growth and mission. polytrade enables smart receivables financing by connecting financial providers and small and medium-sized businesses on a single platform. Polytrade is currently in the initial stages of platform development. According to the white paper, the platform has completed the first phase of its mission – Pre-ICO (first round) and the first phase of platform development. Now it is working on Pre-ICO (second round) and development of the second phase of the platform, mobile application and web version release, the first liquidity pool and first trading. In addition, Polytrade will soon undergo IDO.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/trade-finance-agreement-polytrade-closes-1-2-million-financing-round/
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