On Thursday, Polytrade announced its listing on India’s crypto exchange CoinDCX.
Polytrade banks on CoinDCX’s success
CoinDCX is India’s first crypto unicorn with a valuation of $1.1 billion. Its platform allows users to buy many crypto assets such as; bitcoin, ethereum, and binance coin.
Although Polytrade’s $TRADE token has previously been listed on other platforms, this latest listing on CoinDCX will build its liquidity. The $TRADE token is available on other platforms such as; Bitmart, Kucoin, and Uniswap.
In a statement, Polytrade said, “$TRADE listing on CoinDCX will provide its 75 lakh-plus Indian users with another avenue to access trade tokens.”
Polytrade to provide cash-flow to SME’s
Founded in Q1 2021, Polytrade Finance operates as a decentralized finance loaning platform providing working capital to SMEs. It is a division of Riqueza Capital Group, a financial consulting firm with headquarters in Hong Kong. The blockchain technology it uses allows real-world assets to be tokenized and transferred on-chain.
During the pandemic, many micro, small, and medium-sized enterprises or MSMEs in Southeast Asia said lack of cash flows was a challenge.
As a result, Piyush Gupta, the founder of Polytrade Finance launched Riqueza Capital to provide invoice financing — borrowing against unpaid invoices to MSMEs in the region.
“In the first couple of years of running the business, I was so surprised to see many brilliant companies that were not able to get enough working capital from banks or local trade finance companies, simply because of the lack of exposure,” he said
Decentralized finance or DeFi is gaining momentum and rapidly replacing traditional financial services. DeFi is preferred as it is more secure, transparent, and efficient.
There are many DeFi platforms, but only a few players offer invoice financing. Some of Polytrade’s competitors in this space include; Invox Finance and InvoiceMate based in Australia and Dubai, respectively.
In May, Polytrade closed a successful funding round where it raised $1.2 million. Its vision to bring new solutions — insurance-backed investments and low-transaction costs to the DeFi world pleased many investors.
Some investors in the funding round included Orion Protocol, Spark Digital Capital, Axia Ventures, AU21 Capital, Master Ventures, and Shima Capital, among others.
As Polytrade serves the Southeast Asian market, the firm eyes to further explore larger economies such as the Latin American market. Last October, Polytrade announced a partnership with Marco Financial — a Miami-based trade finance lending startup.
