A Chainalysis study shows that crypto adoption grew by 880% in 2021, and is only expected to grow further. The mass adoption of crypto has become a matter of “when”, not “if”. Just as in the early days of the Internet or computers, companies are a particularly important element in the adoption of any new technology. However, with the huge growth rate the industry is seeing, especially with DeFi, a seamless experience for businesses to do their invoicing, accounting, and other financial transactions in crypto is long overdue.
Enter Apply for financing, a crypto-finance management platform that is set to change the course of B2B crypto payments by simplifying the financial operations of crypto companies, often managing teams of freelancers working remotely around the world. Its vision is to support a future financial system where crypto assets become a norm in our economies.
Accounting is the cornerstone of business. Careful retention and management of pay stubs, invoices, bills, and records is essential to regularly monitor cash flow, reduce redundant expenses, and keep tabs on all upcoming and pending payments.
Apply for funding, Request labsbuilds an integrated suite of financial tools to help traditional businesses, individuals, decentralized autonomous organizations (DAOs), metaverse projects, freelancers, and other crypto-native organizations come to work easily with crypto assets to manage salaries, pay suppliers and Suite.
An overview of the funding request – Origin and vision
Request Finance was officially launched in early 2021 with the goal of transforming corporate finance operations into a new decentralized economy. Since its creation, Request Finance has been building tools using the Application protocol to allow businesses and individuals to easily send and pay invoices for cryptocurrencies.
The platform allows users to track their crypto transactions and manage payments, expenses, and payroll in a non-custodial manner while ensuring a seamless user experience. The company aims to provide products that are free from security threats, enabling compliance with tax and accounting regulations and making them as user-friendly and simple as possible.
The platform is said to have acquired a user base of over 1,000 companies, including major blockchain projects such as AAVE, The Sandbox, Paraswap, and MakerDAO.
Fixed financial operations in Crypto
Request Finance’s main products include crypto invoicing, expenses, payroll, and accounting.
With Crypto Billing, users have access to a clear and visual dashboard displaying the current status of all bills, allowing them to pay hundreds of crypto bills with just a few clicks. It is also compatible with a range of accounting tools such as Xero and Quickbooks, and simplifies accounting by automating the generation, scheduling and settlement of crypto invoices. The payer is charged 0.1% on all transactions with a cap of $2 per transaction plus network fees.
Request Finance payment mechanism is compatible with several popular cryptocurrency wallets, including MetaMask, Fortmatic, and other wallets that support WalletConnect, including multi-signature wallets like Gnosis Safe. Additionally, the app’s distinctive features such as real-time status updates, payer reputation, and escrow ensure users have a secure and anxiety-free experience.
Users can manage and track the status of invoices issued through Request’s platform, schedule invoices, highlight overdue and unpaid invoices, and influence payer reputation score. Being on-chain, the platform also offers automatic verification of on-chain bill payments, eliminating the administrative hassle of sending follow-up emails.
Another financial tool offered by Request is encrypted payroll software, which is currently in beta. This tool will allow users to automate cryptocurrency payroll management. Users can generate compliant payslips and pay them in crypto with one click. With a growing number of blockchain companies and DAOs compensating their partners and employees in tokens and crypto assets, the payroll offering should allow for a smooth employer-employee relationship. It also has the potential to ensure good labor and HR relations in organizations.
Besides, Request expenses is an expense management tool that can be used by businesses to manage employee expenses, reimbursements, and pay them in crypto. Although it is currently in beta testing, it has already been used by the team for quite some time and is expected to launch next quarter. Users who wish to test the feature sooner can sign up for their beta program.
Users can also connect Request to accounting software like Xero or Quickbooks and reconcile all crypto transactions with their general ledger for easy accounting. With this, Request seeks to increase accounting efficiency and reduce the time and labor costs involved in handling crypto payments for businesses.
What does the funding request have in store for us?
As more businesses venture into blockchain and Web3, the use of cryptocurrency and digital assets in businesses will only grow. Request Finance aspires to meet the needs of increasingly crypto-native businesses and their remote workforces by making it simpler and easier to manage their crypto-finance operations. With Request, businesses can automate auditing, salary and loan requests, payroll, and expenses, among other things. The end goal of Request Finance is to become a hub for all enterprise crypto-financial operations and overcome the clunky interfaces all too common in Web 3.0 today.