Polytrade, a Web3 protocol focused on global trade, closed a $3.8 million seed round led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures, with participation from Singularity Ventures and GTM Ventures. and GTM Ventures.
Its initial modules include a financing arm that brings real-world yields onto Web3. The platform aims to provide small and midsize enterprises and large corporations with access to working capital financing and invoices. While the platform is open to the retail market, its main focus is on institutional players because they are more long-term oriented. The company also wants to expand in Latin American, U.S. and European markets.
The firm has previously been backed by Polygon co-founder Sandeep Nailwal and QuickSwap co-founder Sameep Singhania, among others.
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