PolyTrade (TRADE) wants to change the future of our financial world. They do that with their DeFi platform. On this platform, they offer a system that can pay invoices instantly, fully automatically with stablecoins. In this way, as an invoice issuer, you no longer have to wait weeks or months for the invoice to be paid. PolyTrade ensures that you receive your money immediately.
It may be clear that PolyTrade wants to solve a rather large problem. A problem that could not easily be solved. Still, PolyTrade succeeded. Let’s take a look at what PolyTrade is, how it works and why it is such an interesting crypto project.
Take a quick look
What is PolyTrade (TRADE)?
PolyTrade can be seen as a bridge between DeFi (Decentralized Finance) and TradFi (Trading Finance). Do you have a business? Then, unfortunately, you have had to deal with people who pay their invoice late or don’t pay. Even if you don’t have a business, you can probably imagine this problem occurring. Now business owners could use PolyTrade.
Tokenization of invoices
The PolyTrade platform allows companies to tokenize invoices. This means that they convert their invoice into a unique token that runs on the blockchain. In this case, non-fungible tokens or NFTs are used. These are tokens that can be distinguished from each other because they have a unique character trait.
NFTs are ideal for tokenizing these bills. This is because each invoice is unique and must be treated as a separate case. By tokenizing an invoice, a real-world invoice can be converted into an on-chain invoice.
Payment of invoices with dividend breeding
As the paying party, you can accompany the seller if they want to go to PolyTrade (or vice versa). As a buyer, you can build credit at PolyTrade. That way, it is not necessary to pay an invoice immediately, but you can leave it open. However, the selling party receives its money immediately. This money comes from PolyTrade’s liquidity pool.
Users can provide liquidity to the liquidity pool for immediate payment of supplier invoices. As a reward, these liquidity providers receive an interest in the form of stablecoins and TRADE tokens. TRADE is therefore a reward token for everyone who uses PolyTrade.
If you want to earn a return on your crypto, PolyTrade is therefore an ideal platform. How high the interest rate is varies by time and invoice.
User and credit check
To build credit, you must first secure collateral. The can too creditworthiness of a purchasing party is controlled by members of the community. They receive rewards in the form of TRADE tokens when they undertake these types of tasks. Because a check is performed, all parties involved run less risk.
Investment in companies
Crypto traders actually get the opportunity to invest in real assets at PolyTrade. When you want to start a business, of course you need money. Unfortunately, it is difficult to raise money. That’s why PolyTrade wants to help these start-ups get started.
When companies get room to pay their invoices at a later date, they can invest more money in building up their business. This ensures that companies can develop faster and easier. At the same time, the crypto lending users do not need to worry about their investment because security is ensured.
Below is a video from Hashoshi that explains in a fairly simple and clear way what PolyTrade is and how this project works.
Who developed PolyTrade?
Piyush Gupta is the sole founder and CEO of PolyTrade. This is not Piyush’s first venture as he has been an entrepreneur and investor for many years. In the past, Piyush has raised more than $500 million for his clients.
Arul Prakash is COO and previously worked at Tata Digital and Principal. Ashutosh Sahoo is the Chief Growth Officer and has more than 15 years of experience in marketing, real estate and ICT.
They have the responsibility, but of course they don’t do it alone. The team behind PolyTrade consists of a large number of other employees:
- Sankalp Kumar (BD Asia)
- Thierry Lassy-Taty (Credit Manager)
- Adam Boudjemaa (Lead Blockchain Developer)
- Sayali Pandey (Finance and finance)
- Aditi Saini (Marketing and communication)
- Doll Daniel (Product designer)
- Prusela Bhowmicka (PR manager)
- Ashish Sood (Product Manager)
- Tara Anna Matthews (Full stack developer)
Below is an interview (only 3 minutes) with the founder and CEO of PolyTrade, Piyush Gupta.
Partners and investors
We see that PolyTrade has made several partnerships has entered into. Some of these partners are extremely interesting. These include Certik, Immune Bytes, Parsiq, Polygon, Biconomy, Transak, AHRVO, Fractal, Venly, WalletConnect and MetaMask. These partners support PolyTrade in different ways.
Then there are also a number of large parties that have invested in PolyTrade. They believe in the future of this project and have therefore decided to make a financial contribution to PolyTrade. Till most important investors includes Dfyn, Ethdesign Capital, AXIA8, AU21 Capital, Icetea Labs, Krypital Group, Master Ventures, LD Capital, M6, Orion, Polygon, Router, Rok Capital, Shima Capital, Spark Digital Capital and HG Ventures.
How does PolyTrade work?
Below, through an illustration, you can see how PolyTrade actually works. On the right we see the liquidity providers that lend stablecoins. Companies can send their invoices on PolyTrade and be paid with stablecoins. The buying party pays the invoice to the liquidity pool with stablecoins.
TRADE is the symbol for PolyTrade, which has a maximum supply of 100 billion. Not all tokens have been issued yet. At the time of writing, September 2022, only 12% has been used. This means that there are around 12 billion tokens in circulation. But what are these TRADE tokens good for?
- Governance functions – TRADE gives you the opportunity to vote on what the future of the platform should look like. This means that not only the platform itself, but also the board, works completely decentralized.
- Earning of effort rewards – When you lend crypto to the pool, you will not only receive rewards in the form of stablecoins, but you will also receive TRADE tokens. This makes PolyTrade an ideal platform for yield breeding.
- Lower costs – When you borrow money and want to pay the invoice, you pay lower costs when you make the payment with TRADE tokens. Even when placing an invoice on PolyTrade, you can pay the cost with TRADE tokens to get an additional discount.
- Reward for completing tasks – It is possible to earn TRADE tokens when you perform important tasks for the platform. This includes validating documents, checking creditworthiness and performing KYC (Know Your Customer) tasks.
Advantages and disadvantages of PolyTrade
Now that you have read what PolyTrade is and how it works, you might have an idea of the main benefits of this project. To briefly summarize what PolyTrade is, we will go over the most important advantages and disadvantages of PolyTrade list for you.
- It is possible to upload any invoice on PolyTrade. So there is no minimum value set, which makes PolyTrade a solution for both large and small companies. This makes PolyTrade widely applicable on the market.
- Be on the platform low costs calculated so that there is no financial barrier for the companies.
- The platform can process invoices and transactions quickly. This ensures that companies can be helped quickly and investors can use the platform efficiently.
- Investors get the opportunity to invest in invoices, full digital. Everything is done through smart contracts, so there is no need to set up a lot of paperwork.
- The invoices are insured and coveredt, so you as an investor run little to no risk.
- The platform runs on blockchain and is secured by the decentralized network and cryptography. This ensures that data and crypto from users, provided they store their private keys securely, cannot be leaked.
- As an investor or user, you always risk losing your investment, because everything works on smart contracts. These are digital contracts that run fully automatically on the blockchain’s decentralized network. There is always a chance that something will go wrong with the smart contract. In that case, you have nowhere to go because everything is decentralized.
- PolyTrade is still new and not much used. This means that the project has not yet proven itself. Despite the fact that the project initially appears to be going strong, in reality it remains to be seen whether the project gets off the ground and catches on.
- Hard to understand. It is difficult to understand how PolyTrade works. This isn’t necessarily a bad thing for you, but it can be disadvantageous for potential users. Companies will not start using the platform if they take a long time or spend a lot of effort to understand how the platform works. Therefore, it is extra important for PolyTrade to explain the operation and the services they provide in the simplest possible way.
How and where can you buy PolyTrade (TRADE)?
Do you want to buy PolyTrade (TRADE)? You can do it on Gate.io, MEXC Global, KuCoin, BitFinex, CoinDCX, BitMart, PancakeSwap, UniSwap and QuickSwap.
- Sign up with the crypto exchange you want to use. Click on the exchange above to go directly to the registration page.
- Log in to your account
Note: Keep your username and password safe!
- Make sure you have enough money in your account
- Look for PolyTrade (TRADE) on the crypto list
- Then select the order you want to place and specify how many TRADE tokens you want to buy
- Place the order
- Congratulations! You are in possession of TRADE tokens!
We have reached the end of the article. Still need an extra video explaining how PolyTrade works with illustrations? Then the video below is for you.
PolyTrade is an interesting project with a unique view on the payment of invoices. Businesses, both large and small, can have many problems with customers not paying their invoices. It is now possible to tokenize the invoice on the PolyTrade platform. Investors then have the option of providing tokens with which invoices can be paid. If they do this, they will receive interest (in the form of stablecoins) and TRADE tokens as a reward.
This makes PolyTrade not only a suitable platform for paying invoices. This makes PolyTrade also suitable for yield breedingwhich more and more crypto traders use.
Despite the fact that PolyTrade seems to be a promising project, we should not forget that the platform is new and has not yet proven itself. It runs completely decentralized, which can cause problems.
If you want to invest in PolyTrade, you can go to Gate.io, MEXC Global, KuCoin, BitFinex, CoinDCX, BitMart, PancakeSwap, UniSwap and QuickSwap.
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