The world has been witnessing a revolution in Cryptocurrencies with more and more users diving deep inside the buzzing world of cryptos. However, the protagonists have argued the very existence of cryptos including the most popular Bitcoin as it does not have a real-world application. The market is flooded with such cryptos which lack a real-world application. However, one crypto that is Polytrade finance's $TRADE token has a real-world utility.
Polytrade is a blockchain-based decentralized protocol aiming to transform receivables financing. It aims to connect buyers, sellers, insurers, and investors for a seamless receivables financing experience. In simpler terms, the company uses the huge liquidity present in the crypto world to buy invoices of Small and Medium Enterprises (SMEs) across the globe.
The SMEs severely lack working capital as their payments get cleared only after 60-90 days. The company claims to solve this problem by providing working capital to SMEs.
Polytrade debuts on Indian crypto exchange
Polytrade announced its debut in India with its listing on one of India's most popular crypto exchanges, CoinDCX. '$TRADE listing on CoinDCX will provide its 75 lakh plus Indian users with another avenue to access trade tokens,' claimed the company in an official statement. It further stated that the listing has been done specifically to cater to the demands of the Small and Medium Enterprises (SMEs) for the working capital in India.
Speaking on the CoinDCX listing, Mr. Piyush Gupta, MD & Founder, Polytrade said, "We are absolutely ecstatic with the listing in India. This has come as a giant leap towards our goal of providing real-world borrowers access to low interest and swift financing to free up critical working capital, tapped from crypto lenders using invoice financing."
It is to be noted that since its inception in 2014, Polytrade finance has onboarded more than 5000 borrowers, funded more than 250 borrowers with a cumulative value of about $500 million from around the world.