Inside Request Finance

Request Finance in Numbers: October 2024

Request Finance’s growth shows that businesses are increasingly adopting crypto. In October, we processed $25M in transaction value, marking our second-best month ever in terms of payment volume.

November 6, 2024

Happy November, 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, so we share 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 for convenience, cross-border transfers, or cost-effectiveness. 

Summary

User & Activity Growth in October 2024

  • 📈 Number of crypto payments monthly: 4,478 
  • 💸 Value of crypto payments monthly: $25.3 million
  • 🧾 A total of over $850 million in crypto payments have been paid through the Request Finance platform.
  • 💰 Top 5 cryptocurrencies used: $USDC, $USDT, $SAND, $ANKR, $cUSD
  • 💳 Top 5 chains used: Ethereum, Polygon, BNB Chain, Celo, Arbitrum 

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

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

Simplify crypto and fiat financial operations today

Rely on a secure, hassle-free process to manage your crypto invoices, expenses, payroll & accounting.

Commentary for October 2024

We help businesses involved in crypto and fiat. 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. 

Major Updates: 

Squads Wallet integration: users can pay using Squads, a multi-sig wallet for Solana. Learn more here

Batch Actions (void, reject, delete, PDF, CSV download): users can now select bills, invoices, salaries, and direct payments individually and perform these batch actions to save time and get only the needed data.

Email for bounced Crypto-To-Fiat payments: users will get an automated email when a Crypto-To-Fiat payment bounces. They can then reply to either resend the payment to a different account or get a refund.

Default conversion available: Almost all tokens have a live conversion rate, so you'll receive the exact token equivalent when you send invoices in fiat.

Request Finance powers crypto-to-fiat payouts to 190+ countries for 20+ fiat currencies, including EUR, USD, GBP, AUD, SGD, JPY, KRW, IDR, HKD, THB, NZD, CHF, INR, and AED; see the list here

New Crypto Payment Options

The number of payment networks and cryptocurrencies supported on Request Finance is second to none and continues to grow monthly; in October, we added PUFFER (Ethereum), USDC/T (Beam), USDS (Ethereum), USDT (Core), NEURON (Base, Ethereum) and FORT (Polygon) tokens. Businesses can now send and receive payments in 370+ cryptocurrencies and stablecoins, 20+ fiat currencies, and 19 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.

Number of crypto payments in October: 4,478

The number of crypto payments made in October saw a 21% rise in monthly new payments. 

The total number of crypto and fiat payments made on Request Finance stands at 90,263.

Value of crypto payments in October: $25.3m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the platform. A total of over $850 million of cryptocurrency payments have been made through the Request Finance platform. 

Of these, around $25.3 million in crypto invoices were paid in October last month alone. 

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

Another data point to track 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 37% of all crypto payments made by our mostly enterprise users. 

USD-denominated stablecoins continue to be a popular choice for enterprise crypto payments, making up 70% 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.

USDT, the unlikely contender, came in second, accounting for about 28% of the total payments in Request Finance, followed by SAND (9%) and ANKR (5%). 

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

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

The Ethereum network is the preferred payment network, and about 68% of crypto payments processed through Request Finance are made on it. 

Polygon secured second place with 12% of the crypto payments volume. BNB Chain followed closely in third place, accounting for 10% 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 our transparency commitment will inspire new users to take their first steps into invoicing and payments with cryptocurrency for their business.

Ludovic

CoS
Linkedin RequestLinkedin Request

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

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Master your crypto spend management now

Take control of your crypto spend management while relying on our safe and secure process.

Request logo

This site uses cookies

We're using very few cookies to ensure the best experience for you. View our cookies policy.
Close