Today newly launched startup OpenTrade unveiled a $1.5m funding round led by Sino Global and including Circle Ventures and others. OpenTrade will launch a DeFi protocol for structured finance products in the second half of the year. This will include liquidity pools of U.S. Treasuries, investment grade commercial paper and trade finance.
Co-founder and CEO Dave Sutter spent almost six years at Marco Polo, the blockchain trade finance network that shuttered earlier this year. Marco Polo used bank money for financing, whereas OpenTrade will target non-bank liquidity providers.
It plans to use Circle’s USDC stablecoin for funding and will integrate with procure-to-pay systems, supply chain finance systems and ERP solutions to provide liquidity for corporates. In some ways, it’s not dissimilar to Marco Polo which was heavily integrated with ERP. The big difference is the corporates can be in the driving seat versus relatively slow-moving banks.
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