Polytrade launches blockchain platform Mainnet for financing SMEs
Citing industry data, Polytrade said the unmet demands of working capital for SMEs in India attunes to more than Rs 2,200 crore.
- Jan 31, 2022,
- Updated Jan 31, 2022 10:50 PM IST
Polytrade finance on Monday announced the launch of its fully functional blockchain platform 'Mainnet' to provide working capital to small and medium enterprises (SMEs) in the real world using crypto liquidity.
The launch of Polytrade Mainnet is a significant step 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, the decentralised finance (DeFi) platform said in a release.
Citing industry data, it said 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, Polytrade said.
"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," it said.
Piyush Gupta, MD and Founder, Polytrade emphasised that India's SMEs will play a key role in making the country Atmanirbhar and a USD 5 trillion economy.
Polytrade is a blockchain-based decentralised protocol aiming to transform receivables financing connecting buyers, sellers, insurers, and investors for a seamless experience.
Also Read: Polytrade announces listing on India's crypto exchange CoinDCX
Also Read: When Elon Musk offered $5,000 to a 19-year-old to delete a Twitter account
Polytrade finance on Monday announced the launch of its fully functional blockchain platform 'Mainnet' to provide working capital to small and medium enterprises (SMEs) in the real world using crypto liquidity.
The launch of Polytrade Mainnet is a significant step 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, the decentralised finance (DeFi) platform said in a release.
Citing industry data, it said 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, Polytrade said.
"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," it said.
Piyush Gupta, MD and Founder, Polytrade emphasised that India's SMEs will play a key role in making the country Atmanirbhar and a USD 5 trillion economy.
Polytrade is a blockchain-based decentralised protocol aiming to transform receivables financing connecting buyers, sellers, insurers, and investors for a seamless experience.
Also Read: Polytrade announces listing on India's crypto exchange CoinDCX
Also Read: When Elon Musk offered $5,000 to a 19-year-old to delete a Twitter account