Product Updates

We Just Made Crypto Payroll Better

We made some updates to help you better manage payroll in crypto and stablecoins.

November 17, 2022

We’ve made it our mission to be a one-stop finance portal for web3 companies. One key element for any company is payroll in crypto. That’s why in August, we introduced a dedicated feature to simplify managing their crypto payroll

Since then, we’ve received a ton of feedback from everyone who’s tried it so far. We’ve taken in that feedback, and are working to make the Payroll feature even better.

Here’s an update on some of the improvements we’ve made:

📤 Upload employee details via a CSV file
🙈 New stablecoin with a privacy-preserving option

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Upload employee details via a CSV file

One of the amazing things about crypto payments in Request Finance is being able to pay people via their email or names saved in your contacts. 

It takes out the hassle - and the risk of error - of paying people in crypto. Gone are the days of copy-pasting long alphanumeric strings of wallet addresses from a spreadsheet one at a time.

But for many of our users, the process of creating new contacts needed to be faster, and simpler. Especially for teams which have grown from just a handful of first-hires to sometimes tripling their headcount. 

We recently added an option that allows you to quickly add hundreds of employees to your contacts in Request Finance by uploading a CSV file with just a couple of clicks. Once added, users can set up their crypto payroll for these employees.

Here’s a quick walkthrough of the new feature:

New stablecoin with a privacy-preserving option

Blockchain networks make for amazing payment rails. Unlike banking rails, they are fast, potentially cheap, and are accessible anywhere, anytime. But they are also superior to traditional finance because of their transparency. 

Being able to trace the movement of funds, and identify wallet balances is expensive and difficult to do in traditional finance. That makes auditing and financial reporting incredibly slow, and usually costly for larger organizations. 

But sometimes, people might want the option to keep their transactions private - and not always for nefarious purposes. 

Payroll is one payment category where people tend to want the option of privacy. 

That’s why we worked with the team at zkBob to integrate $BOB, a stablecoin on Polygon. $BOB is a multi-chain, multi-collateral stablecoin pegged at 1:1 to the USD.  It is available for purchase on Uniswap v3 or Metamask.

In the Request Finance app, you can select $BOB as a payment option. 

If you want to keep some of your payments anonymous, zkBob is an app that enables fast, simple, and private payments using the $BOB stablecoin. 

The shielded zkBob pool uses zkSNARKs to limit public data exposure. When a transfer is initiated, the amount and recipient is never disclosed or published. 

Once $BOB stablecoins are deposited in the zkBob app, pool participants can transfer BOB amongst themselves in a private, secure manner without needing to connect MetaMask, WalletConnect or any web3 wallet.

But there are transfer limits of $10,000 per user, per day to deter its use by organized crime, and other malicious actors like hackers and scammers seeking to launder stolen funds.

Currently, the zkBob app is only available outside of Request Finance. 

If you would like to have the option to manage your crypto payroll in a privacy-preserving manner - without having to use a separate app, reach out to us.

What other features would you like to help you simplify and automate your crypto payroll?  

Tell us via our Twitter DMs, or the Intercom chat button at the bottom-right corner of the app when you login to Request Finance.

Ivan

Content Lead

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