Request was built on the belief that crypto can address some of the serious gaps in our global payments infrastructure. Traditional fiat payments can be costly, inefficient, and inaccessible to many. As of today, Request has processed over $159m in crypto invoices. This tells us that crypto is no longer just a speculative asset class, but a global payments tool that is enabling new ways of working, and doing business.
At a time where finance continues to be dominated by powerful, yet antiquated banks, we think it's remarkable that so many freelancers, companies, and DAOs have chosen to use Request Finance, a platform that helps them manage their financial operations in a compliant and simple manner.
We hear it time and time again. Request Finance users across the globe describe the platform as the best way to request and manage payments. It’s the tool they choose so they don’t have to worry about sending money to the wrong wallet address, or manually check blockchain explorers to verify that their bills have been paid on time.
Getting invoices and bills paid on time is a priority for small businesses and freelancers. Even prior to the pandemic, Atradius, one of the world’s largest credit insurers found that businesses in Asia Pacific had 44.5% of invoices unpaid at their due date, while those in the Americas had 50% of invoices past their due date as of 2018. In contrast, the ratio of unpaid invoices on Request Finance stands at about 31% since it launched in August 2020.
We love hearing real stories about how the things we build helps them in their daily lives. Like Juan Bautista, The Sandbox’s finance executive, who uses Request Finance to manage payments to their creator community in $SAND. Or Amy Jung from MakerDAO, who said “Request gave us more transparency into payment statuses across the organization. On top of that, email updates ensure invoices are automatically followed up – a time saver for us!”. Or Frederic Meyer-Scharenberg, who used Request to manage crypto prize payouts for the Swiss Blockchain Hackathon 2021.
“As the hackathon organizers, using Request is an easier and less error-prone way to manage crypto payments in different tokens” Frederic told us. “It also allows both the prize claimants, and our team to easily monitor the status of invoices we receive, and to verify that a payment was made, all within the web app. It's a great way for event organizers like us to manage crypto payments for sponsorships, ticket sales, and competition prizes”.
The list of payment options supported by Request Finance continues to grow every month. Freelancers, SMBs and organizations can already send and receive payments in 40+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 10+ blockchains. Which means there are now more ways for people to pay, and get paid in crypto.
When we first started building what would eventually become Request Finance five years ago, we certainly hoped that people would use it to send, receive, and pay crypto invoices. But we never imagined it would so quickly become used by over 1,000 users to make over $159m in payments in just over a year.
But more important than this early milestone number is the people behind it. We’re glad to have companies like MakerDAO, The Sandbox, Aave, and other leading crypto organizations using Request Finance to manage their financial operations in both crypto and fiat. Our users are what matter most. Which is why we regularly travel around the world to meet the people who use Request Finance. Today, Christophe Fonteneau, Head of Strategic Partnerships will be heading to Decentral Miami to meet with our community, and hear some of those stories in person. It’s one of our favorite things to do. If you can’t make it to Miami, you can catch us at ETH Denver in February 2022.
In celebration of achieving this milestone together, Request will be rewarding our first 1000 users with REQ tokens. The amount of tokens given to each user will be pegged to the volume of payments made via Request Finance. Stay tuned for more details on the REQ rewards.
We’re excited to see what lies ahead for our journey to 100,000 users and beyond!