Request Invoicing in Numbers: April 2021

👋 Good day Request Enthusiasts!

It’s time for another monthly update on the product usage and metrics of Request Invoicing. You can find the previous edition of Request Invoicing in Numbers for March on our blog.

This report is intended to bring the highest amount of transparency to our user base, community, and others who are interested in learning more about Request.

Note: This report exclusively looks at usage data from the Request Invoicing product and leaves out data from Request Create and/or direct protocol integrations in third-party apps such as Multis & Gnosis Safe. Additionally, this post doesn’t consider the invoices and payments managed in FIAT since the primary focus currently for Request is strictly on cryptocurrency.

Cumulative payments amount

We’re thrilled to announce that Request Invoicing has reached a significant milestone in processing over a total amount of $17 million in cryptocurrency transactions since September 2020. As shown in the chart below, the accumulated payment amount has tremendously soared in April after processing roughly $15 million of transactions in cryptocurrency during that month.

This amount doesn’t take into account the transactions made in FIAT, such as USD and EUR. While we continue to receive a decent amount of invoices paid in traditional currencies, this report will only be covering invoices issued and paid in cryptocurrencies, as mentioned before.

New registered accounts

New accounts represent new businesses and freelancers onboarding to Request Invoicing. As illustrated in the chart below, our user base is growing at around 22% per month since January.

This growth can be attributed to our ongoing business developments with top crypto companies in addition to delivering more features to our product for a better user experience. For instance, we recently added more cryptocurrency options for invoices to be denominated in fiat—more info about this feature can be found in our blog post.

Monthly invoices created & paid

This metric provides insights that we can use to improve user experience, aiming to increase the paid versus issued invoice ratio and reduce the barriers to payment. This ratio has been consistent at around 50% throughout the year.

It’s important to note that invoices may take more than 20 to 30 days to get paid, and sometimes much later. Therefore, some invoices issued in April are still pending for payments likely to occur during the month of May.

Currency breakdown on payments

We are continuously rolling out support for additional currencies as means of payment with Request Invoicing. Much of the decisions made for listing the next currency depend on the use cases of our users and business partners. In April, we added XSGD (a digital Singapore dollar-pegged stablecoin) to our list of currencies, as announced in this blog post.

The chart below illustrates the DAI continuing to lead as the top 5 most used cryptocurrencies for invoicing. This can be attributed to MakerDAO’s continued usage of Request Invoicing and the DAI’s tremendous utility as a decentralized stable token. Making in the list as the 2nd most used cryptocurrency is the USDC, followed by USDT, GRT and OCEAN.

The rest of the cryptocurrencies that are used as payment and grouped up in the chart as “Other” are: ETH, AAVE, MPH, INDA, REQ, and several more. See the complete list of available currencies here.

With this monthly report, we aim to provide you with an overview of what’s happening with Request Invoicing and what data drives our product decisions. By increasing transparency, we hope to inspire potential users to take their first steps into cryptocurrency invoicing and payments.

We started off remarkably during the 2nd quarter of the year, processing around $15 million of transaction amount in cryptocurrency for April. The increasingly large sum of payment amounts demonstrates our users and partners’ trust and reliability over Request Invoicing. As our product grows in terms of usage and user base, so is our team. We’re looking for new members to join us on this exciting journey building the future of finance. Check out our job vacancies here: https://request.network/career

Want to see what’s going on with Request on a daily basis? Our community has built a Twitter bot that reports all network activity over the past 24 hours. You can also check the Request Activity Dashboard developed by one of our astounding community members, @cryptoclem.

Any specific metric missing you’d like to see covered in the following report? Feel free to get in touch with us through mail or by joining our Discord channel!