PARSIQ partners with Polytrade Finance

Utilizing Blockchain Technology to Improve Global Trade Finance

Published in

PARSIQ

4 min readFeb 9, 2022

Trade finance represents a leading global industry, and the availability of finance is a crucial piece of any trading system. In fact, upwards of 80% of world trade depends upon financing or credit insurance. For massive corporations and large enterprises, acquiring the necessary financial tools is a relatively easy task. But what happens when small and medium sized enterprises (SMEs) are left without the opportunity to acquire similar tools? Unfortunately, this is a very common problem across the globe: SMEs are very often met by a series of steep obstacles when seeking access to financing in an affordable way. This creates an obvious barrier to their capacity to trade; and so, they are left without the resources they need to grow and thrive. And despite the fact that this problem is well-recognized, too little attention is paid to coming up with a real and sustainable solution. However, this does not mean that no solution is possible.

Today, PARSIQ is excited to announce our partnership with Polytrade Finance. Polytrade is a project that is actively working — by leveraging blockchain technology — to help simplify the process of trade financing for SMEs. Much like PARSIQ, Polytrade is working to establish unique and important points of connection between blockchain and the real world, and between Web2 and Web3 networks.

Polytrade Finance

Polytrade is a DeFi lending platform that aims to alleviate the trade finance challenges faced by small and medium sized enterprises (SMEs), particularly those in developing economies. Polytrade’s mission is to provide the means for SMEs to overcome the sizable gap separating the supply and demand of the short-term credit required for trade finance. In doing so, they provide SMEs with the means to connect with large global enterprises — like IKEA, Walmart, Nike, etc. — and to provide the tools necessary for them to participate in global trade and expand their resources.

The market upon which they focus stands tall, at approximately $1.7 trillion. Yet, it remains untapped. Polytrade is working to change this fact by seamlessly connecting buyers, suppliers, insurance providers, and investors. Having already financed US $500 million worth of invoices in the real world, Polytrade is well on their way to establishing themselves as a key player in this industry. By tokenizing real-world invoices and bringing them on-chain, their DeFi protocol — launched in 2021 — takes advantage of the liquidity found on the blockchain in order to meet the needs of SMEs worldwide.

PARSIQ + Polytrade Finance

PARSIQ supports Polytrade Finance and its users by making a range of crucial data points available in real time. This includes providing immediate, and completely automated, notifications when funds are deposited into a smart contract — along with details about the transaction, like value, timestamp, etc. It also includes pushing notifications to the proper parties when spending limits are approved. Moreover, PARSIQ will provide the Polytrade platform with updates about when money is withdrawn or when funding periods have expired. Having all of this data architecture provided will not only allow Polytrade to operate with less friction, but it will provide their users with a greater level of trust, allowing them to know that they are kept up to date without having to track all the data manually.

At PARSIQ, we believe that mass adoption of blockchain enterprise solutions is an inevitability. So, we are proud to work alongside Polytrade to bring this vision to fruition.

As Tom Tirman (PARSIQ CEO) put it:

Mass blockchain adoption is “a matter of ‘when’ and not ‘if’ and we’re delighted to support Polytrade Finance to bring this vital service to the market… Trade finance is a crucial aspect of many SME business models. We’re excited to support Polytrade Finance in their mission to bring blockchain solutions to the market.”

Like Polytrade, PARSIQ is committed to bringing Web3 solutions to life. That is why we are establishing ourselves as the go-to on-chain monitoring application for projects bringing Web3 solutions to traditional finance and wider industries. We look forward to the future with Polytrade!

Hey! Thanks for reading this update. Be sure to connect with both PARSIQ and Polytrade on social media to stay updated with all that our projects have going on…

About Polytrade

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.

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About PARSIQ

PARSIQ is a blockchain monitoring and workflow automation platform connecting on-chain and off-chain applications in real-time, providing transaction notifications for end-users. With PARSIQ you can connect blockchain activity to off-chain apps and devices, monitor and secure DeFi applications, and build custom event triggers and power real-time automations.