Request Finance in Numbers: August 2024 - $800 million mark

Commentary for August 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: 

Wire transfers for Crypto-To-Fiat: Pay USD to US-based bank accounts using Wire details. We recommend using this option if SWIFT/ACH details aren’t available. Learn more about Wire transfers here.

Xero-optimized CSV: Export invoice data and bill data in a CSV that’s compatible to Xero’s import requirements.

Solana and Tron batch payments: Easily streamline payments to multiple recipients with fast, low-cost transactions using Solana and Tron networks, empowering businesses with efficient, scalable crypto payments.

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 August, we added ONCHAIN (Base) and BIM (Polygon) tokens. Businesses can now send and receive payments in 360+ cryptocurrencies and stablecoins, 20+ fiat currencies, and 15+ 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 August: 3,895

The number of crypto payments made in August saw a 20% fall in the number of monthly new payments. 

The total number of crypto and fiat payments made on Request Finance stands at 82,070.

Value of crypto payments in August: $21.3m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the platform. A total of over $811 million of cryptocurrency payments have been made through the Request Finance platform. 

Of these, around $21.3 million in crypto invoices were paid in July 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 as a whole continue to be a popular choice for enterprise crypto payments, making up 69% 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 27% of the total invoices paid in Request Finance, followed by SAND (10%) and ANKR (6%). 

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, being used for about 69% of crypto payments processed through Request Finance. 

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.