Web3 Polytrade has secured a seed investment of $3.8 million from a group of investors, including Alpha Wave, Matrix Partners, Polygon Ventures, and CoinSwitch Ventures. The company aims to simplify international trade supply chains by utilizing blockchain technology. Other investors who participated in the funding round include Singularity Ventures, GTM Ventures, and several angel investors.
Polytrade is a startup operating in the decentralized finance (DeFi) sector. The company has announced that it intends to use the $3.8 million seed investment to expand its range of products, prioritize marketing efforts, and enter the European and Latin American markets. Over the next two quarters, Polytrade plans to focus on developing a fully integrated trade platform.
According to Ashish Singhal, the CEO and co-founder of CoinSwitch, Polytrade’s Web3 protocol has the potential to revolutionize the tokenization of real-world assets. He also praised the company’s innovative approach to addressing the pain points of micro, small, and medium-sized enterprises (MSMEs) by focusing on improving liquidity in trade finance markets. Singhal believes that this could lead to a significant transformation in the global trade environment.