Inside Request Finance

Request Finance in Numbers: April 2023

Bug fixes, easier employee onboarding, better invoices, and support for stablecoin payments on the Near blockchain.

May 4, 2023

Hello Request Finance enthusiasts!

Welcome to another monthly edition of Request Finance in Numbers, where we’ll be reviewing our app’s growth and usage metrics since our last update.

This monthly report is aimed at providing transparency to our users, community, and others interested in Request.


User & Activity Growth in April 2023

- 📝 New signups on Request Finance: 948, bringing the total number of registered accounts to 24,455.

- 📋 Monthly active users on Request Finance: 2,037

- 📈 Number of crypto payments monthly: 1,932

- 💸 Value of crypto payments monthly: $8.4 million

- 🧾 A total of over $309 million in crypto payments have been paid through the Request Finance app since launching in January 2021.

- 💰 Top 5 cryptocurrencies used: $USDC, $SAND, $ANKR, $USDT, $cUSD

- 💳 Top 5 chains used: Ethereum, BNB Chain, Polygon, Celo, Fantom

Note: This report exclusively looks at usage data from the Request Finance product, not including other apps which may build on top of the Request Network protocol. This report excludes payments settled in fiat currency. We believe the most exciting opportunities lie in the adoption of programmable money for real economy uses like subscriptions, salaries, billing, etc.

Commentary for April 2023

At the business level, The month of April usually sees less than average crypto payments made in our app. This April, we saw a 40.5% dip in the value of crypto payments transacted compared to the previous month - about 19% lower than our historical average. 

However, our internal data suggests that this merely reflects slight delays in the payouts that would ordinarily be made in April. We expect the crypto payments data in May to reflect this spillover.

Crypto-native companies that make payments, or get paid in crypto remain our ideal customers. We are also actively looking to partner with new chains, and stablecoin issuers to power invoice, payroll, and expense payments in their ecosystems. 

More importantly, we will be shifting towards a subscription model in the coming months. We have already been in touch with many of you regarding this coming change. The revenue we will collect from subscriptions helps us to continue building the best crypto financial operations tools for Web3 teams.

At the product level, we introduced support for on-chain payment detection on the Near blockchain for NEAR, USDC and USDT. This will enable users transacting on the Near network to benefit from automated payment notifications, and instant reconciliations of invoices to on-chain activity.

We also made it easier to upload salary and bonus payments in bulk via a CSV file, and made it simpler to onboard employees for the Expenses app.

InvoiceMe allows anyone to send a QR code, or URL link which opens up a pre-filled invoice. We’ve improved this to allow you to specify what currency, and payment network you prefer to be paid in.

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New Crypto Payment Options

We recently added support for NEAR, USDC, and USDC on the Near protocol!

The number of cryptocurrencies supported on Request Finance is second to none, and continues to grow each month. Freelancers, DAOs, and crypto project teams can now send and receive payments in 150+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 15+ blockchains. 

If you’d like to see a token or chain supported in Request Finance, reach out to us on Twitter

Request Finance is a chain-agnostic B2B crypto payments platform. We can support invoicing, salary payments, and more in the preferred tokens of any new Layer 1 or Layer 2 ecosystem. 

Our extensive support for new payment options enables projects across different chains to transact seamlessly with each other in their preferred token.

New signups in April: 948

One important metric is the growth in the number of new accounts created, or “signups”. They represent new companies and freelancers ready to use Request Finance to pay, and get paid in cryptocurrency.

In April, the number of users registered on Request Finance grew less month-on-month. The total number of registered accounts on Request Finance currently stands at 24,455 up 948, or about -16.91% compared to the previous month’s increase. 

Active users in April: 2,037

Having more new registered accounts is one thing, but more important is to have users who are actively using the product on a regular basis to meet their crypto payment needs. 

The past month saw 19 more active users performing in-app activities like sending and paying invoices. This represents a rise of +0.94% in total active users from the previous month, bringing the total number of active users to 2,037. 

Number of crypto payments in April: 1,932

The number of crypto payments made in April saw a -33.9% dip in the number of new payments made per month. 

The total number of crypto payments made on Request Finance stands at 33,857

Note: Depending on contractual payment terms, it can take more than 20-30 days for payment requests like invoices to be paid from when they are issued, sometimes longer. That means that some invoices issued last month are still pending for payments likely to occur this month.

Value of crypto payments in April: $8.42m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the app. Since January 2021, a total of over $309 million of cryptocurrency payments have been made through the Request Finance app. 

Of which, around $8.42 million in crypto invoices were paid last month in April alone. This represents a -40.5% drop in the monthly value of payments, or about $5.4 million more in new crypto payments than the previous month.

The month of April usually sees less than average crypto payments made in our app. This April saw 19% lower crypto payments than our historical average around this time of the year.

However, our internal data suggests that this merely reflects slight delays in the payouts that would ordinarily be made in April. We expect the crypto payments data in May to reflect this spillover.

Top cryptocurrencies: USDC, SAND, ANKR, USDT, cUSD

Another data point to keep track of is which cryptocurrencies are most often used on Request Finance. 

USDC continues to be the most preferred cryptocurrency being used on Request Finance, accounting for about 31% of all crypto payments made by our mostly enterprise users. 

USD-denominated stablecoins as a whole continue to be a popular choice for enterprise crypto payments, making up 53% of the crypto payments on Request Finance. 

The popularity of stablecoins can be explained with many of the same reasons why most people do business in fiat, rather than settling payments in shares of tech companies listed on the NASDAQ. Their stable prices make them ideal as a medium of exchange, and unit of account - two of the three defining features of money.

The Sandbox’s native token, SAND comes in second, accounting for about 16% of the total invoices paid in Request Finance, followed by ANKR (12.7%), USDT (12.4%), and cUSD (3.46%). 

You can find the full list of currencies supported in the Request Finance app here.

Top payment networks: Ethereum, BNB Chain, Polygon, Celo, and Fantom

The Ethereum network is clearly the preferred payment network, being used for about 72% of crypto payments processed through Request Finance. 

BNB took second place, with about 16.1% of the crypto payments volume in April. A slight dip compared to the previous month may reflect the lower transactions on BUSD, which has encountered regulatory resistance of late, when Paxos was directed by the financial regulators to cease new issuance of the stablecoin, following the SEC’s accusations of it being an unregistered security.

Polygon continues to grow steadily due its lower gas fees, coming in third, accounting for about 6.39% of transactions made through Request Finance.

Through this monthly report, we hope to provide an overview of what’s happening with Request Finance, and the data driving our product development decisions. We hope that our commitment to transparency will inspire new users to take their first steps into invoicing and payments with cryptocurrency for their business.

Want to see what's going on with Request on a daily basis? Visit the Request Activity Dashboard for more exhaustive data on the Request Network.  

Any specific metric you'd like to see covered in the following report? Feel free to get in touch through email or by joining the Discord channel

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