Introducing Crypto-to-Fiat (C2F): Pay with Crypto, Receive Fiat Currencies

Why we developed Crypto-to-Fiat (C2F)

Web3 teams usually have crypto assets like stablecoins in their treasury. But they often struggle to pay employees, or service providers in fiat currencies.

With Crypto-to-Fiat payouts Web3 teams can now:

Stay bankless. Pay anyone in fiat - without having to open and manage traditional bank accounts. Or risk being de-banked.

Access to traditional banking services also remains a challenge for Web3 teams, as many traditional banks either quietly, or explicitly deny service to crypto-related firms. Just last month, JPMorgan's British retail bank, Chase announced that it would ban all crypto-related transactions made by customers.

Pay bills or vendors in crypto. No need to convince traditional service providers like lawyers, accountants, or cloud hosting vendors to accept crypto payments.

For instance, some jurisdictions like China either restrict or forbid the use of crypto altogether. In other countries like India, taxes on crypto payments are prohibitively costly.

Simpler, cheaper off-ramps. Off-ramping through a centralized exchange can be a hassle. You must first withdraw the crypto to a bank account, before initiating a fiat payment to the recipient. This two-step process could also incur both withdrawal and transfer fees.

With Crypto-to-Fiat, off-ramping happens in just one click.

How does it work?

After the crypto payment is made, the funds should arrive in the recipient’s bank account between 1-3 business days. 

The payment status on any invoice will also be reflected in the Request Finance app.

You can make payouts with USDC on the Polygon and Ethereum networks currently, with USDT and DAI coming in the future.

Your recipients can be paid in fiat currencies like USD and EUR presently, with bank transfers (ACH, SEPA) as the payout method. 

We will continue to work with our payments partner to expand the available currencies, and payout options available in the coming months.

To learn more, visit our FAQ page.

How can I start using Crypto-to-Fiat (C2F)?

All off-ramps require some form of anti-money laundering (AML) safeguards. This Crypto-to-Fiat feature is no different.

To use Crypto-to-Fiat transfer, create an account on our platform, and complete a KYB (Know Your Business) verification with our partner. 

If your KYB documents are ready, the application process takes little more than 10 minutes. Verification typically takes 3-5 working days.

Once your KYB is verified and approved, you can pay an invoice just like you would with cryptocurrency. The fiat currency will be deposited into the recipient's bank account within a few business days.

To get started, visit: https://app.request.finance/pay/crypto-to-fiat