Latest News | Polytrade Launches Mainnet to Provide Working Capital to SMEs Using Crypto Liquidity

New Delhi, Jan 31 (PTI) 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.

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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.

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"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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)