Request Finance in Numbers: November 2021

Cumulative payments made: $161m by end of November, up 11% from previous month

A key success indicator at Request is the cumulative value of crypto payments made through the Request Finance app. 

Since September 2020, over $161 million of cryptocurrency payments in total have been made through the Request Finance app. Of which, around $16.5 million of crypto invoices were paid in the past month alone. 

The chart below shows the cumulative payments amount (light blue), versus the monthly payments amount (dark blue).

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Newly registered users: 1,113 signups with 26% avg. monthly growth this year

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

Since the beginning of this year, the average monthly increase in newly registered users is around 26%.

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1,330 invoices issued in November,  with a 67% issued-to-paid ratio 

Getting invoices and bills paid on time is a priority for companies and freelancers. The invoicing experience between the payers and issuers must be smooth, the invoice data must be accurate, and payment status updates must be promptly reflected.

As illustrated in the graph below, the overall issued-to-paid invoice ratio is 67%. In other words, out of every 10 invoices that have been issued, about 7 of them have been paid since launching the app in August 2020.

This ratio helps us to measure the user experience on Request Finance, and constantly improve by reducing the barriers to payment.

It can take more than 20-30 days for invoices to be paid, sometimes longer. That means that some invoices issued in November are still pending for payments likely to occur in December.

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Preferred cryptocurrencies: 24.5% in USDC and 22.4% in DAI

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

Understandably, US-denominated stablecoins are a popular choice by many businesses. DAI was the leading cryptocurrency to pay invoices since the launch of the app but today this is no longer the case. USDC is now the most preferred crypto, accounting for 24.5% of the total invoices paid, followed by DAI and SAND making up 22.4% and 14.7% of the total invoices paid respectively. 

USDT, OCEAN, GRT, AAVE, REQ, ETH, and MPH also made it to the list of top 10 cryptocurrencies. The rest of the currencies listed as ‘Other’ are: NEAR, BTC, INDA, cUSD, AKRO and several more included. You can find the full list of currencies supported in the Request Finance app here.

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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? Our community has built a Twitter bot that reports all network activity over the past 24 hours and the Request Activity Dashboard. You can also visit our Dunes Analytics 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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