On the 12th of June, 2021 at 14:00 UTC, Decentralized Club had the honor of hosting Piyush Gupta (CEO and Founder) and Arul Prakash (COO), from the Polytrade Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Community Manager, Jannat.
 
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
 
If you missed this event and would like to know what Polytrade is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

Segment 1 - Introduction

[Jannat] 
Hello everyone, I would like to welcome the Polytrade team to the community for today's AMA

[Arul Prakash] 
Hello all... It's great to be here!

[Jannat] 
Hello Arul & Piyush Glad to have you here

[Piyush Gupta] 
Hello everyone

Glad to be here 😊

[Jannat] 
It's our pleasure

Shall we start the session??

[Arul Prakash] 
oh, yea!!!

[Jannat] 
Cool

First of all
 Could you introduce yourself to the community?

[Piyush Gupta] 
Certainly

It's great to e-meet you all today. I've been in the Trade finance industry for the last 15 years with experience in organizations like Societe Generale, Kitara Corp, AmiCorp, and a few other big names. I set up my own trade finance business back in 2014 and since then have expanded operations to Hong Kong, Singapore, India, and Dubai. Am currently based out of Dubai. At Riqueza capital we have processed invoices worth more than 500mn USD in the last few years... all of which we are confident will move to POLYTRADE. Am an Aerospace Engineering from IIT Bombay by education.

[Arul Prakash] 
I Am the COO at Polytrade and I've been working with Fortune 10 companies in my recent past and heading product development & business transformation functions for many of my clients. Worked with companies like Walmart, CVS, Accenture, and the TATA group extensively. Have been in crypto space for the last 4 years and waiting for the opportunity to bring the real world to the Cryptosphere. MBA & Engg by education.

[Jannat] 
Amazing🤩

Looking forward to an energetic session.. :)

[Piyush Gupta] 
Indeed

[Jannat] 
Shall we move to the first segment?

[Arul Prakash] 
Let us.... yea!

[Jannat] 
I would like to ask you a few questions about polytrade 😊

[Arul Prakash] 
sure!

[Jannat] 
Cool

Q1. Can you tell us what is the idea behind the inception of Polytrade and when did you guys started working on it?

[Piyush Gupta] 
Let me tell you a bit about the Trade Finance Industry to begin with. The overall size of this industry is above 7 trillion USD. While it includes multiple elements, one of the core pieces of it is Receivables financing. With Invoice Financing and Invoice factoring being two methods of how receivable financing works, the process kicks in when a supplier/manufacturer supplies to a buyer. Typically there is a duration called a Credit period. This is the duration after which the Supplier actually gets paid by the Buyer - Which means if the Buyer receives the goods today, he will only be making the payment 60 days later to the supplier.

This locks up critical capital that the supplier needs to pay his suppliers, employees, maintenance, etc. So in this case, TIME is literally money.

The borrower approaches lending and financing companies today for this working capital so he can pay his expenses.

In our earlier venture Riqueza capital, we identified these issues which were choking this industry to grow and also restricting access of funds to deserving businesses. We have been in the trade finance industry for the last 8 years. We have an unparalleled reputation in this space. Polytrade is our effort to move this industry onto the blockchain. This will certainly solve tons of problems that exist in this domain.
POLYTRADE intends to provide this much-required capital to suppliers at an industry-competitive fee structure. We will seek funds from crypto native investors to use our platform to lend us stable coins. These stable coins are then converted to fiat or otherwise, and given to the suppliers, who then become our borrowers. So instead of waiting for the entire duration of the credit period, the supplier immediately gets access to the cash for his expenses.

The responsibility of collecting the money now has been moved to Polytrade from the Supplier. Now the BUYER has a liability to pay POLYTRADE. Once payment is received the cycle is complete.

The motive of POLYTRADE is to BLOCKCHAIN enable this and improve various facets of Invoice factoring works.

[Jannat] 
Oh that's looonngg

Give me some time to go through it

[Piyush Gupta] 
😊

[Jannat] 
That's really interesting! excited to know more 😃

One more thing I'd like to add

Please type done after completion of an answer

[Piyush Gupta] 
Sure

[Jannat] 
Moving on to the next question

Q2. Can you talk a bit about how one after getting on boarded to the Polytrade platform gains from it?

[Arul Prakash] 
sure.. let me take that.

[Jannat] 
Of course

[Arul Prakash] 
We will tap into the liquidity pool from Crypto markets to get funds and lend them out to borrowers.

Advantages to crypto Lenders: Safe insurance-backed investment in a real-world asset. 
Advantages to Borrowers: Super quick financing even for smaller ticket sizes.
Advantages to buyers: Streamlined credit facility for buyers

Our platform is going to be easy for non-crypto users and at the same time bring in the various benefits of smart contracts and decentralized platforms, by making it quicker and "cheaper" to actually complete the whole process.

Our Investors and lenders will get exposure to a conventional real-world asset that is protected from the volatility of the crypto markets and on top of it is insured by conventional real-world insurers

[Jannat] 
The advantages are huge 🔥🔥

Next question is coming up...

Q3. Can you tell us about the insurance-backed investment, off-balance-sheet lending, and the availability of multiple funding sources?

[Piyush Gupta] 
Sure

The invoices against which lending will happen will be protected by insurance. We will be working with our insurance providers who will also be providing additional safety for our investors and lenders. Advantages to crypto Lenders are the safe and insurance-backed investment in a real-world asset.

For the borrowers, it will be off-balance-sheet financing of their invoices which means that the loan or financing they will get will not appear on their balance sheet as debt.

Concerning funding, we are looking at a monumental change in everything around how money works. With the advent of Crypto, we can tap into funds beyond boundaries from people who never had an access to investing in a vehicle like trade finance. This opens up a world of opportunities for all who prefer a decentralized system. Conventional trade finance is unable/won't access these funds and we are bridging this gap giving a great opportunity for participants on both ends.

Done

[Jannat] 
Sounds good

Q4. Can you tell how your native coin $TRADE is beneficial to hold for the long run and how do we acquire it?

[Arul Prakash] 
oh yea.. for sure...

TRADE is going to be the oil that will move this centuries-old industry and the processes at Polytrade. 
Some of the benefits it will provide in the network are:
Governance: Allows validated holders to influence protocol decisions.
Staking Rewards: Stake $TRADE to get rewarded
Borrowers: Receive reduced interest rates for staked and payment done via TRADE tokens.
Buyers: Receive discounts on invoices for settlements done on the Polytrade platform.
Service Providers: Receive TRADE for participating in the trade finance economy by performing key tasks of KYC, document validation, credit evaluation, and more (Phase 2)"

We will be having a total supply of 100 million tokens. We are performing certain final tweaks to our model to ensure Polytrade gets the right visibility and benefits to our community. Our new tokenomics will soon be published before the IDO.

[Jannat] 
Amazing!!

Let's move on to the last question of this segment

Q5. What is your planning to achieve further this year?

[Piyush Gupta] 
Our immediate timeline includes. an updated whitepaper, updated roadmap, updated website, IDO announcement.

Post IDO our entire focus will shift towards product development which should see an MVO launched in the mainnet within the next 2 quarters. We intend to partner with downstream and upstream businesses within the trade finance area to ensure we become an all-encompassing layer for trade finance.

Our other key focus area is going to be security and safety. We are getting our contracts certified currently and will be periodically doing so with industry leaders in this space. We also will be working with our insurance providers who will also be providing additional safety for our investors and lenders.

We want to be the biggest crypto-enabled end-end Trade Finance company. As far as we understand we are one the early ones taking an approach that we have. We intend to scale organically and scale BIG. That being our long-term goal, our immediate short-term goal is to get our product out there in the market and get feedback from all our users. It's progressing at an awesome pace. And we are waiting for it to be launched in the market. We expect this to happen within the next 2 quarters.

Our immediate focus of course is launching on the awesome IDO platform that we have been pursuing and getting listed and see the price as a reflection of the trust the community has in us.

Done

[Jannat] 
Well can I get a sneak peek into the roadmap🙂

[Piyush Gupta] 
It also updated on our website for the community to go through

[Jannat] 
Perfect 😃

That's it for the introduction segment

Shall we move to the Twitter segment??

[Piyush Gupta] 
Sure

[Arul Prakash] 
Updated roadmap

[Piyush Gupta] 
Excited

[Arul Prakash] 
oh.. yes!

Segment 2 - Twitter Questions

[Jannat] 
🔥

Twitter questions

1)https://twitter.com/SabriiFR/status/1403478946478493696?s=20

Q. Polytrade brings assets from the real world to the world of cryptocurrencies, but what are the strategies or methods they use to promote the use of cryptocurrencies in the real world and thus achieve a perfect balance between the two?

2)https://twitter.com/discontinueitem/status/1403440656966553602?s=20

Q2. I read on Medium about the #POLYTRADE strategic partnership with #ICETEALABS. This is a positive step in building investor confidence.
So what has resulted from the cooperation of the two parties so far?

3) https://twitter.com/THORGodofthnder/status/1403589876990169094?s=20

Q. How do you plan to spread awareness of your project in different countries/regions where English can't be used well? Do you have a community approach for them to better understand the project?

[Arul Prakash] 
I'll pick the second question...

[Piyush Gupta] 
1st is mine

[Arul Prakash] 
https://twitter.com/discontinueitem/status/1403440656966553602?s=20
Q2. I read on Medium about the #POLYTRADE strategic partnership with #ICETEALABS. This is a positive step in building investor confidence.
So what has resulted from the cooperation of the two parties so far?

We have some excellent investors onboard, no doubt about that. We have carefully chosen our investors and they have chosen us with even more extreme due diligence. Specifically, when talking about IceTea labs, they have been extremely supportive in expanding our reach and awareness. They have helped us become popular in markets where we didn't have the right reach. It is helping us reach out to the right partners, community, and folks who see mutual value in POlytrade. There are many more partnerships and ventures that we are looking to expand our token utility. And we have chosen all of our investors to support those initiatives.

[Piyush Gupta] 
We want to remove this barrier of Defi, Crypto, and Real-world and unify it all. 10-15 years in the future there will not be a Defi space or conventional banking phase, they will emerge and evolve to bring the best of both worlds. In the same way, we want Trade Finance to get the massive benefits of Decentralisation and crypto world liquidity. We want Crypto-world to get exposed to age-old investment vehicles such as invoice financing, which has been outside the reach of regular folks until now, guarded with moats by the banking and lending industry.
While all our underlying transactions will be logged on blockchain and executed via smart contracts, the user will require near-zero knowledge of crypto. We will become the ramp via which he gets exposed to crypto.

So our platform is going to be easy for non-crypto users and at the same time bring in the various benefits of smart contracts and decentralized platforms, by making it quicker and "cheaper" to actually complete the whole process.

Done

https://twitter.com/THORGodofthnder/status/1403589876990169094?s=20
How do you plan to spread awareness of your project in different countries/regions where English can't be used well? Do you have a community approach for them to better understand the project?

For countries of operation, our initial operation will be in Asia - SE, ME, and the Indian subcontinent. Each country has its regulations that need to be understood and adapted for the platform to work effectively. With the kind of growth that Asia is seeing I think we have a great place to start. We will keep expanding globally though.

Done

[Jannat] 
Thank you for answering the questions

Excited for the next segment😁

[Piyush Gupta] 
🙌🏼

[Jannat] 
Shall I proceed to the website Questions??

[Piyush Gupta] 
Yeah

[Jannat] 
Cool

Segment 3 - Website Questions

Website Questions

1) Telegram Username: @duongphong98

Q. I couldn’t find if your platform would have any sort of coin burn or buyback systems for your token so it can gradually increase its value and in that way attract more new investors, could you please explain to us?

2) Telegram Username: @Cosp97

Q. Could you explain to us what are the aspects that could be voted on in your governance? What is Polytrade’s governance system and who can participate in it? And how is your governance able to reduce processing times?

3) Telegram Username: @guddu201912

Q. Are you planning to get further security audits? As an investor for sure, we can never be sure, as dApps are getting constantly exploited.

[Piyush Gupta] 
I will take 2nd one 😇

[Arul Prakash] 
cool.

1) Telegram Username: @duongphong98

Q. I couldn’t find if your platform would have any sort of coin burn or buyback systems for your token so it can gradually increase its value and in that way attract more new investors, could you please explain to us?

At Polytrade, our goal has been very simple. To increase the utility of the token as much as possible. While we have not included BURN mechanisms to start with, we will ensure that the price of the token follows natural game theory principles with increased utility and scarcity. That scarcity in our case is going to be brought in with Staking and our Insurance fund. As mentioned earlier, Trade Financing as an investment vehicle is not something that regular folk typically get access to. For this reason, to ensure the required confidence levels, we have to make sure it is super safe. We are creating layers and layers of safety in our protocol and an insurance fund is one of them, which will be funded by TRADE tokens. We will continue to also keep deploying TRADE tokens with upstream and downstream systems that we intend to integrate with, thereby increasing scarcity bringing the same effect.

[Piyush Gupta] 
• Telegram Username: @Cosp97

Could you explain to us what are the aspects that could be voted on in your governance? What is Polytrade’s governance system and who can participate in it? And how is your governance able to reduce processing times?

We are still finalizing our final approaches towards Governance for Polytrade. While that is in progress, we are looking at a delegated governance model. The governance council will be made with veterans in the trade finance industry. The governance council will be voting on the future direction for Polytrade and also on approval for each individual invoice that needs to go through the process. This is something that is evolving, but this will be an industry first on how to mix up decentralized governance on decision making for a space like receivables financing where background and understanding are required for taking the right decision.

Done

[Jannat] 
One more... :)

[Arul Prakash] 
Q. Are you planning to get further security audits? As an investor for sure, we can never be sure, as dApps are getting constantly exploited.

All our code will be audited. Our Contract has already been audited by a leading security consultant. The report will be published on our website. In addition, I wanted to add the points around security, as I found some conversation on it, sometime back in this community...

There will be two layers of security and protection provided. 
1. Code exploits & Hacks - Insurance from Crypto insurance companies against any hacks
2. Credit insurance - Unlike any other DEfi project I can confidently say that our underlying business itself is insured... So the chances of losing out money are taken away completely for our investors.

For Crypto insurance, we are looking at Nexus Mutual and for credit insurance, we have already been working with Euler Hermes. Euler is a century-old traditional credit insurance business. Both of these companies are well-established known names in their own space.

On top of this code audits are also certified by industry leaders.

We also are working out an Insurance fund that will be supported by the investors who stake the TRADE tokens...

We want to be known as one of the most safest and well-insured investment vehicles available in the crypto space.

DONE

[Jannat] 
Fantastic!! 🍺🍺

[Piyush Gupta] 
🍻🥳

[Jannat] 
I guess it's time for the live segment 😃

Are you guys ready to interact with the community??

[Piyush Gupta] 
Super excited

[Jannat] 
Get ready everyone I'll unmute the chats for 90 seconds

Polytrade team, you have to answer the best 4 Questions after the chats are muted back

[Arul Prakash] 
sure

[Piyush Gupta] 
Sure

[Jannat] 
Unmuting the chats in 10 seconds!!

---Chat was then opened for the live community to send in their questions---

Segment 4 - Live Questions

[Jannat] 
Chats are muted back 🌟🌟

Thank you, everyone, for your questions

Polytrade team, please answer the best 4

[Prof. RZ]
🌻Can you briefly explain your name? What does "Poly" stand for? What is the message behind all your brand designs?

[Piyush Gupta] 
This is a very common question asked to us. We are the 1st flagship project of Polygon. Thus we adopted the name Poly. This is about becoming part of a large ecosystem of Polygon and taking advantage of multiple projects and resources being developed.

[Edward]
Polytrade brings assets from the real world to the world of cryptocurrencies, but what are the strategies or methods they use to promote the use of cryptocurrencies in the real world and thus achieve a perfect balance between the two?
@aruLprak

[Arul Prakash] 
Thanks for the question Edward... $TRADE will be very important for the ecosystem. WE believe that as utility increases, the real-world users will find the value of tokens that they were rewarded tend to get more value.

Let me give an example: Most people in business are aware that RETAIL business has wafer-thin margins... and the Cost of goods that they sell is a large % of their costs. Providing an option to adjust their invoice prices by even 0.5% against the invoice value, unlocks immense potential.

[Trần Jem]
Did you know that Covid-19 has had a huge impact on the crypto market? How can you maintain team performance during this pandemic?

[Piyush Gupta] 
We have been one of the best performing platforms during the pandemic as we brought the financing to the doorsteps of corporate when no one else was working. Banks slowed down and corporates were struggling during these times. We are happy that our efforts are adding value to SMEs. With Polytrade, we intend to make financing a real easy tool rather than a roadblock 😊

[DC Member]
Most solid projects with token utility and good infrastructure but perform poorly because investors dumped after listing on the first exchange. How do you prevent early investors from dumping your tokens?

[Arul Prakash] 
Superb question... We are working on different mechanisms that will reduce the SELL pressure and increase the BUY pressure as well... WE will be. bringing some Industry FIRST solutions to tackle this problem, to ensure that the price of the token is not taken for a ride by early investors.

Trust me it would be interesting... fingers crossed.

[Piyush Gupta] 
Done

[Jannat] 
Perfect

The session went pretty smooth 😍

[Piyush Gupta] 
And pretty awesome too 😍

[Jannat] 
It was great interacting with you guys!!

Yup!

Any last message you want to give the community??

[Piyush Gupta] 
I would request all community members to reach us out through our social media handles for any updates and any questions that we were unable to answer here 😊

[Arul Prakash] 
🎦 Check out this Quick Introductory Video to Get Well-acquainted with Polytrade!

💥 As we move forward intending to shape the future of trade finance, we are releasing a short Introductory Video for our community to understand our platform, its features, offerings, mission, & more.

👀 Watch, share, and join our community now to become a part of the change Polytrade is about to bring.

Polytrade is a blockchain-based decentralized protocol that aims to transform receivables financing & connect buyers, sellers, insurers, & investors for a seamless trading experience.

🤝 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.

Shaping the future of Trade Finance ✈

Spread the word: https://twitter.com/polytrade_fin/status/1401929676302348293

👥 Our Social Media Links:

Telegram | Announcements | Medium | Twitter | Website

[Jannat] 
Of course! Do Polytrade everyone!!!

It was great having you guys here

[Arul Prakash] 
Thank you all very much!

[Jannat] 
Looking forward to the success of your project

AMA concluded...

[Piyush Gupta] 
And the success of our community 😇

--

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