BlockBeats message: On July 28, Dow Protocol, an RWA platform for e-commerce operational working capital advances, announced the completion of a $9 million Seed round, with participation from MH Ventures, OKX Ventures, Animoca Brands, Arcane Group, Essentia Partners, and Quartet Group.

Dow Protocol targets leading global e-commerce platforms’ merchants, providing working capital advances based on their sales-related receivables and authentic operational data. Its underlying asset-servicing system is embedded in major e-commerce platforms, enabling direct access to merchants’ original business data for credit granting and risk control. Meanwhile, through collaboration with the platforms, repayments are deducted directly from the platform side rather than going through the merchants’ accounts, thereby controlling repayment risk at the source and building an industry-leading collections mechanism.

On the funding side, Dow Protocol leverages the instant settlement capabilities of stablecoins to compress the lengthy lending disbursement process in traditional borrowing into the fastest same-day settlement. For working capital markets that are sensitive to cash flow, loan disbursement speed is itself value—so participants are willing to pay a premium for this efficiency. At the same time, Dow Protocol introduces a new on-chain-native logic for generating working-capital advance receivables: the advance terms are executed in a highly granular, programmable manner, reshaping the underlying operating logic of supply chain finance.

Dow Protocol is positioned as a general-purpose, cross-ecommerce PayFi RWA advance financing protocol. Its framework is extensible to supply chain finance advance financing needs across many scenarios, such as e-commerce, dining, payments, gaming, and AI compute.