Polytrade announces the launch of its Mainnet to provide working capital to SMEs using crypto liquidity
By MYBRANDBOOK
Polytrade finance, a DeFi lending platform providing working capital to Small and Medium Enterprises (SMEs) in the real-world using crypto liquidity has announced the launch of its much-awaited Mainnet. The launch of the Polytrade mainnet is a significant step in history as it would harness huge liquidity in the crypto world to directly support small businesses across the globe, making a real-world use of the digital currency.
Polytrade was founded by IIT-Bombay graduate, Piyush Gupta in 2014 to support small businesses by providing working capital to those who were struggling for finances for a myriad of reasons including a lack of understanding around some trade finance instruments, lack of collaterals, high cost of borrowing, and exhaustion of credit limits.
As per the industry data, the unmet demands of working capital for SMEs in India attunes to more than Rs. 2,200 crore. The launch of Polytrade Mainnet has opened up a supplementary source of financing for these SMEs by creating a blockchain-based decentralized protocol. Since the starting of its operations, Polytrade has successfully managed to finance over Rs. 3,700 crore worth of invoices since 2014 and the launch of Mainnet will further spur the availability of finances to the SMEs.
Piyush Gupta, MD & Founder, Polytrade, “We are extremely happy to announce the launch of our mainnet that will provide working capital to SMEs. Our vision is to ensure that the small businesses that have been struggling to get the required finance never face such a shortage.” He also adds, “India's SMEs will be key to achieving Prime Minister Narendra Modi's objective of making the country Atmanirbhar and a $ 5 trillion economy. Polytrade will ensure that these small enterprises have the working cash to achieve their goals.”
Polytrade’s global ambition
Notably, India is first amongst the emerging market where Polytrade is aggressively expanding its businesses. In the near future, it intends to expand to other growing economies including Latin America. Polytrade is also partnering with major distribution companies in the specific region to expand its reach
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
QUICK HEAL TECHNOLOGIES PVT. LTD.
TECHROUTES NETWORK PRIVATE LIMITED
DELL TECHNOLOGIES INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
Icons Of India : Anil Agarwal
Anil Agarwal, the Founder and Chairman of Vedanta Resources Ltd., is r...
Icons Of India : RAJENDRA SINGH PAWAR
Rajendra Singh Pawar is the Executive Chairman and Co-Founder of NIIT ...
PARTNER SPEAKERS
PSU
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
