$1 Altcoin That Will Make You Rich In 2022
One of my favourite projects in the entire crypto market is Polygon. Everyone talks about how Polygon is a layer two solution for Ethereum, how it has a number of projects built on its ecosystem, and how it also has a whole bunch of other upsides. Many investors only share specific projects that are built on Polygon's ecosystem, but never the tremendous upsides.
Hello there and welcome to HotNaija, your one-stop destination for latest entertainment news, celebrity gossips and stories, lifestyle content and cryptocurrency news. Today we're going to be sharing with you a particular project called Polytrade (TRADE). It's available on KuCoin and the interesting thing about this project is that – not only is it built on Polygon, but also, the co-founder and COO (Chief Operating Officer) of Polygon is on the board of this project. So without any further ado, let's get started.
★Polytrade (TRADE)
First off, the symbol to Polygon is – TRADE. Polytrade/POLYTRADE is a blockchain-based decentralized protocol that aims to transform receivables financing & connect buyers, sellers, insurers, & investors for a seamless trading experience.
The Polytrade network is also launching a METEVERSE product specifically targeted around trades and economies of the metaverse. a 100% on-chain digital native trade finance product.
The global DeFi market worth is increasing in trillions with a large number of total value locked in it every day. Polytrade will harness the massive liquidity pool of the crypto world by tokenizing real-world invoices and bringing them on-chain into the DeFi space.
Disclaimer: None of these is meant to be construed as investment or financial advice. They're just opinions and we urge everyone to do more deep personal research before investing their money anywhere.
★ Project Overview
With an experienced team relentlessly working towards amalgamating traditional and modern finance, Polytrade is constantly working towards addressing the issues faced in the trade finance industry. One of the major issues is the $1.5 trillion gap between the supply and demand for short-term credit. Polytrade addresses to the whopping $7 trillion industry and $1.5 trillion opportunity which remains unaddressed due to various issues in conventional business practices of Trade finance.
Significant financial institutions including World Economic Forum (WEF), Asian Development Bank (ADB), and others have affirmed in favour of the prevalent issues and lack of innovative solutions for the same. The tedious processes of traditional banks, paper-based formalities, stringent regulatory policies, banking regulations, fraudulent activities and restrictions on transactions have made it quite a journey for users to sail through.
"We are humbled by the trust our investors have put in us. With our vast experience & stellar team we are confident that this trust is not misplaced. We also thank the drive that the community has been giving us to achieve more. The journey has just begun, we have further and further to go" said Piyush Gupta, CEO of PolyTrade.
★ Redefining Trade Finance Through Innovative Solutions
Building on the Polygon Network, Polytrade is striving towards fine-tuning the entire experience of an average trader relating to receivables financing. Currently it is working towards tokenizing real-world assets employing the blockchain technology to support the seamless transfer of assets on-chain.
It is also actively working towards creating a liquidity pool and providing insurance backed investments to crypto natives reinforcing a safety aspect to attract investors. Although cryptocurrencies are dynamic in nature, it aims to minimize the risk for the investors in respect to volatility. Through Polygon, Polytrade aims to bring scalability, low- transactions costs and high throughput in its ecosystem".
Sandeep Nailwal, COO at Polygon believes that trade finance is one of the indispensable aspects of the financial space.
"It's exciting to see POLYGON becoming the chosen platform not just for crypto native ventures, but also for centuries-old Trade finance-related applications. POLYTRADE team is well experienced in invoice factoring business with $500 million under their belt in the last 6 years. Getting this well-running business on blockchain will be the much-needed push that both the worlds need.``
★ PRODUCT
Polytrade allows SMEs to submit their financing requests through uploading details of the invoice from the company that they are supplying to, which allows the crypto investors to lend stablecoins into the lending pool, which earns them guaranteed yields.
The platform is all geared up with this product development and marketing activities. As a part of the initial stages of product building, Polytrade has successfully closed funding rounds and secured strategic partnerships. The team has already released whitepaper, launched the website, social platforms and initial documents advocating continuous progress on the product front.
As a part of future milestones, the team will be working on designing the mobile applications, web interface, launch of liquidity pool and executing first transaction.
★ All-Star Team & Advisors
Personally, the most exciting thing about Polygon is their team. The most interesting thing about it for me is that – they're built on Polygon's network (along with their team and advisors).
With the co-founder and COO of Polygon being one of the advisors, I see this as a huge deal because, everyone talks and tweets about Polygon, how great the ecosystem is and how there's a number of products built on it like I said earlier. But not many people actually talk about their unique projects and seeing the COO of Polygon be on the board of advisors. This makes me feel very bullish about it and that alone, would convince a lot of people to look a little bit deeper into the project.
★ Token Utility
$TRADE is the native utility token for Polytrade. Holding $TRADE allows validated holders to influence the protocol decisions, and staking $TRADE will get stakers rewards.
Borrowers can receive reduced interest rates for staked and payment done through $TRADE tokens.
Buyers can receive discounts on invoices for settlements done on the Polytrade platform, and service providers can receive $TRADE for participating in the trade finance economy through performing key tasks of KYC, document validation, credit evaluation, and more.
★ Investors
So far, Polytrade has been able to raise a whopping $1.2 million across a number of investors around the world.
★ In Short
– Polytrade offerings:
• Tokenizing Real-World Invoices
• Harnessing Crypto Liquidity Pool
• Offering Safe insured-investment options to Crypto Investors
– Benefits for Users:
• Sellers get timely investment to run their business
• Buyers get a streamlined credit facility
• Crypto investors get interest payments with insured and safe investment in real-world assets.
• Service providers participate in the trade finance marketplace to perform key validation activities.
★ CoinMarketCap
• Rank – #1126
• Polytrade price – $1.70
• Circulating supply – 6.1 million TRADE coins • Total supply – 100 million
• Volume – 0.9357
• Market dominance – 0.00%
• Market cap – $10,957,118
• Fully diluted market cap – $178,372,944
★Polytrade Markets
If you would like to know where to buy Polytrade, the top cryptocurrency exchanges for trading in Polytrade stock are currently;
1). KuCoin (my favourite platform for buying smaller cap Altcoins or Metaverse cryptos)
2). Gate.io
3). Uniswap (V2)
4). MEXC Global
5). PancakeSwap (V2)
6). QuickSwap
7). BitWell
8). BitMart
Note: Unlike Coinbase which does not have coins with small market cap listed, KuCoin and the other exchanges above has many of these smaller projects listed.
EndNote: This isn't a financial advice! DO NOT make any buying or selling decisions based on this article. It is your due responsibility to verify all information yourself, as this piece was only written for entertainment purposes only.
Well, there you have it. Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!