Request Finance in Numbers: January 2022

Cumulative payments made: $175m since 2021

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

Since 2021, over $175 million of cryptocurrency payments in total have been made through the Request Finance app. Of which, around $4.5 million in crypto invoices were paid last month in January alone. 

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

Newly registered users in January: 611 with 18% avg. monthly growth since 2021

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 2021, the total number of registered users for Request Finance was 8,591 with an average monthly growth of around 18%. 

884 invoices paid in January, with a 65% issued-to-paid ratio 

The number of invoices paid in January is down by about 25% when compared to December 2021. However, this may simply be a reflection of the billing cycles of Request’s users.

The overall issued-to-paid invoice ratio remains high at about 65%. In other words, out of every 10 invoices that have been issued, nearly 7 of them have been paid since the launch of Request Finance. This ratio helps us to measure the user experience on Request Finance, by constantly reducing the barriers to getting paid on time. 

Due to contract terms, it can take more than 20-30 days for invoices to be paid from when they are issued, sometimes longer. That means that some invoices issued in January last month are still pending for payments likely to occur in February this month.

Top cryptocurrencies: 24% in USDC and 19% in SAND

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, for much the same reasons as most people do business in fiat, rather than settling payments in shares of tech companies listed on the NASDAQ. 

$USDC is now the most preferred crypto, accounting for 24% of the total invoices paid, followed by $SAND and $DAI making up 19% and 16% of the total invoices paid respectively. 

The rise in the popularity of invoices being paid in $SAND on the Request Finance app reflects the growing demand from metaverse-related projects, and the need for blockchain gaming companies to easily manage their crypto payments to their teams and community.

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

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 the Request Activity Dashboard. You can also visit our Dune 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!