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.
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Invoicing, payroll & expenses for Web3 businesses & freelancers.
At the business level, February saw a smaller total value of crypto payments transacted, despite more transactions made compared to the previous month. This is consistent with the seasonal fluctuations between months.
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.
At the product level. As we enter 2023, we continue to focus on building what our users tell us they need. Our team is working on new features to make the app better for enterprise teams. Organizational features include the ability to add admins, and other team members to match the approval workflows, and other financial controls and processes.
You can expect to see new reporting dashboards so that teams can easily get an overview of their crypto cash flows each month, see their outstanding payable items, and forecast their projected spending. On/off ramping between fiat bank accounts, and your crypto wallet is important to adoption. Many teams getting paid in crypto still have limited avenues to spend their crypto - without high fees. We are working on introducing new integrations to make on/off ramps to bank accounts in EUR and USD a more seamless process.
Lastly, we have been working to make self-onboarding easier. Request Finance is used by everyone from individual freelancers to large organizational teams. Not everyone needs, or wants to have to speak to a member of our team to learn how to use all the features in the app. Our product team is working to make it easier for you to navigate and learn about the app on your own.
New Crypto Payment Options
We recently added support for $STCELO, $MCRT, and $GEL.
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 14+ 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 February: 1,104
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 February, the number of users registered on Request Finance grew considerably month-on-month. The total number of registered accounts on Request Finance currently stands at 22,366 up 1,104, or about +18.8% from the previous month.
Active users in February: 1,610
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 173 more active users performing in-app activities like sending and paying invoices. This represents a rise of +12% in total active users from the previous month, bringing the total number of active users to 1,610.
Number of crypto payments in February: 1,868
The number of crypto payments made in February saw +1.63% rise in the number of new payments made per month.
The total number of crypto payments made on Request Finance stands at 32,315.
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 February: $8.76m
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 $286 million of cryptocurrency payments have been made through the Request Finance app.
Of which, around $8.76 million in crypto invoices were paid last month in February alone. This represents a -31.84% dip in the monthly value of payments, or about $4 million less in new crypto payments than the previous month.
Top cryptocurrencies: USDC, SAND, USDT, DAI, OCEAN
Another data point to keep track of is which cryptocurrencies are most often used on Request Finance.
USD-denominated stablecoins as a whole continue to be a popular choice for enterprise crypto payments, making up 56.9% 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 20.7% of the total invoices paid in Request Finance, followed by USDT (12.8%), DAI (7.34%), and cUSD (3.54%).
GRT, OCEAN, and RARE also made it to the list of top 10 payment currencies. 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 69% of crypto payments processed through Request Finance.
BNB rapidly took the lead, claiming second place, with about one-fifth, or 20% of the crypto payments volume in February. BNB Chain is the fastest growing payment network on Request Finance.
Polygon continues to grow steadily due its lower gas fees, coming in third, accounting for about 6.41% 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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