The move is one of the first by a startup focused on global trade and comes as blockchain technology gains increasing attention from businesses within the supply chain. Polytrade CEO Kirill Kabanov said that blockchain would help track goods throughout the process, from production to shipping and finally to consumers. “There are some tracing abilities with blockchain but we see [it] as just one piece in a larger puzzle,” Kabanov said.
The advent of AI technology has sparked a flurry of interest in FinTech firms, with many aiming to tap into the burgeoning industry. San Francisco-based Flywheel is one such company, looking to capitalize on the growing trend toward automated finance by providing an opt-in platform for automating financial transactions.
Piyush Gupta, founder and CEO of Polytrade, believes that the protocol will help streamline supply chains through real-time data. The platform will allow companies to better monitor their inventory and whereabouts, which will make it easier to trace goods and reduce inefficiencies.
The global supply chain can be difficult to navigate and relies on manual processes that are often restrictive in terms of transparency. This challenge is compounded by the lack of electronic record keeping, which can make it difficult to track shipments and ensure correct delivery. While some progress has been made in recent years towards enhancing the transparency of the supply chain, much work remains to be done in order to ensure maximum efficiency and sustainability.
With so many companies looking for ways to improve their operations,invoice financing could be a valuable addition to the World Wide Web3 ecosystem. The platform,which is led by Ratan Tata’s investment firm IIFL Holdings, has Already gained a following among midsize and large enterprises.
For FinTech start-ups, finding the right lender can be crucial to their success. Many lenders are looking for companies that have a proven track record, and some are even more conservative in their lending decisions than others. This can make it difficult for start-ups to find the right financial partner.
However, progress is being made; according to Michael Jaccard, director of investment banking at ING Financial Partners US LLP, in 2023 the trade financing book size will touch $50 million. This indicates that a large number of lenders are willing to provide start-ups with funding at an early stage. Next year, it’s looking at liquidity of $200 million into its lending protocol and all trading ecosystem volume should cross $1 billion – showing just how successful these companies
The likely reasons for this move are that Lympo is looking to attract larger institutional investors, who may be more patient and willing to wait longer for a return on investment (ROI). Additionally, in order to expand its market reach Lympo is targeting regions with large populations and economies, such as Latin America, the United States and Europe.
Polytrade plans to transform the traditional trading system by building a blockchain-based platform that will allow traders to access a larger and more diverse range of products. This innovative platform will provide traders with access to a greater variety of products and services, as well as increased transparency and security.
Blockscore is looking to create a one-stop-shop for everyone interested in trading documents, trade finance players and trade counterparties. By bringing these entities onto the blockchain, users will be able to view all relevant information about a particular buyer or supplier in one easy to access location. This would remove the need for multiple databases and allow users to conduct more efficient and secure transactions overall.