Request Finance in Numbers: May 2023
Historical level of crypto payments made on our app, new subscription model and onboarding process are on the agenda this month.
Hey Request 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.
Summary
User & Activity Growth in May 2023
- 📝 New signups on Request Finance: 956, bringing the total number of registered accounts to 25,411.
- 📋 Monthly active users on Request Finance: 1,932
- 📈 Number of crypto payments monthly: 2,528
- 💸 Value of crypto payments monthly: $19.1 million
- 🧾 A total of over $328 million in crypto payments have been paid through the Request Finance app since launching in January 2021.
- 💰 Top 5 cryptocurrencies used: $USDC, $SAND, $USDT, $ANKR, $DAI
- 💳 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.
Ready to Supercharge Your Crypto Accounting?
Stop wasting time, manually creating journal entries. Automate your accounting now, and enjoy error-free reporting
Learn how to scale your company's crypto & fiat financial operations
Your financial complexities are our specialties. Schedule your free consultation today and discover how Request Finance can transform your financial operations
We simplified crypto finance management
Rely on a secure, hassle-free process to manage your crypto invoices, expenses, payroll & accounting.
Commentary for May 2023
At the business level, the month of May historically sees about 4% more than average crypto payments made in our app. This May, we saw a 128% spike in the value of crypto payments transacted compared to the previous month - about 50% higher than our historical average.
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.
As previously announced, we will be shifting towards a subscription model. 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’ve been working to improve the onboarding process for teams by making it easier to upload salary and bonus payments in bulk via a CSV file.
We’ve been working to fix some bugs that we’ve identified with your help.
New Crypto Payment Options
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 May: 956
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 May, 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 25,411 up 956, or about +0.84% compared to the previous month’s increase.
Active users in May: 1,932
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 105 fewer active users performing in-app activities like sending and paying invoices. This represents a dip of -5.15% in total active users from the previous month, bringing the total number of active users to 1,932.
Number of crypto payments in May: 2,528
The number of crypto payments made in May saw a +30.9% rise in the number of new payments made per month.
The total number of crypto payments made on Request Finance stands at 36,385
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 May: $19.2m
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 $328 million of cryptocurrency payments have been made through the Request Finance app.
Of which, around $19.2 million in crypto invoices were paid last month in May alone. This represents a 128% rise in the monthly value of payments, or about $10.8 million more in new crypto payments than the previous month.
Top cryptocurrencies: USDC, SAND, USDT, 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 32% 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 54% 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 USDT (13.1%), ANKR (12.0%) and DAI (5.36%).
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 71% of crypto payments processed through Request Finance.
BNB took second place, with about 16% of the crypto payments volume in May.
Polygon continues to grow steadily due its lower gas fees, coming in third, accounting for about 7% 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!
Crypto finance tips straight to your inbox
We'll email you once a week with quality resources to help you manage crypto and fiat operations
Trending articles
Get up to date with the most read publications of the month.
Our latest articles
News, guides, tips and more content to help you handle your crypto finances.