Inside Request Finance

Request Finance in Numbers: February 2024 - New ATH in Monthly Active Users

Request Finance's growth proves businesses are adopting crypto, with $40M+ in transaction value in February.

March 4, 2024

Happy February, Request Finance fans!

Welcome to another monthly edition of Request Finance in Numbers, where we review Request Finance’s usage metrics since our last update.

We want to enhance crypto adoption among businesses; that’s why we’re sharing such a transparent report with our community. As you will see, there are reasons to be confident about crypto adoption. Many companies have adopted crypto whether that’s for convenience, for cross-border transfers, or for cost-effectiveness. 

Summary

User & Activity Growth in February 2024

  • 📋 Monthly active users on Request Finance: 2,151 
  • 📈 Number of crypto payments monthly: 2,401 
  • 💸 Value of crypto payments monthly: $41.5 million
  • 🧾 A total of over $669 million in crypto payments have been paid through the Request Finance platform since launching in January 2021.
  • 💰 Top 5 cryptocurrencies used: $USDC, $USDT, $SAND, $ANKR, $DAI
  • 💳 Top 5 chains used: Ethereum, BNB Chain, Polygon, Celo, Near 

Note: This report excludes pure fiat-to-fiat payments that are initiated - and settled in fiat currency. 

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Commentary for February 2024

We are helping businesses involved with crypto and fiat. And we prioritize partnering with the safest chains, stablecoin issuers, and infrastructures to power crypto and fiat Accounts Payable, Accounts Receivable, Accounting, payroll, and expense payments. 

At the product level. 

Request Finance now powers crypto-to-fiat payouts to 170+ countries, for 20+ fiat currencies, including EUR, USD, GBP, AUD, SGD, JPY, KRW, IDR, HKD, THB, NZD and CHF ; see the list here

Additionally, we've expanded our currency offerings to include BEAM.

New Crypto Payment Options

The number of cryptocurrencies supported on Request Finance is second to none and continues to grow each month; in February, we added the BEAM token. Businesses can now send and receive payments in 340+ cryptocurrencies and stablecoins, 19 fiat currencies, and 15+ blockchains. 

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

Request Finance is the ultimate finance platform for crypto and fiat Operations, powering Accounts Payable, Accounts Receivable, Accounting, Payroll, Expenses, and flexible payments for enterprises. 

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: 1,011

One important metric is the growth in the number of new accounts created, or “sign ups”. 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 increased. The total number of registered accounts on Request Finance currently stands at 34,596, up 1,011, or about 4% fall compared to the previous month’s. 

Active users in  February: 2,151 

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

The past month saw an increase in the number of active users performing in-app activities like sending and paying invoices. This represents a rise of 9% in total active users from the previous month, bringing the total number of active users to 2,151. 

Number of crypto payments in February: 2,401

The number of crypto payments made in February saw a 5% increase in the number of new payments made per month. 

The total number of crypto payments made on Request Finance stands at 59,966.

Value of crypto payments in February: $41.5m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the platform. A total of over $669 million of cryptocurrency payments have been made through the Request Finance platform. 

Of which, around $41.5 million in crypto invoices were paid last month in February alone. This represents a +418% increase in the monthly value of payments compared to last year.

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

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 35% 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 65% 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 unlikely contender of USDT came in second, accounting for about 23% of the total invoices paid in Request Finance, followed by SAND (12%), ANKR (7%), and DAI (4%). 

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

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

The Ethereum network is clearly the preferred payment network, being used for about 71% of crypto payments processed through Request Finance. 

BNB Chain took second place, with about 11% of the crypto payments volume.
Polygon continues to grow steadily due to its lower gas fees, coming in third, accounting for about 9% 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.

Ludovic

CoS
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