A study of Chainalysis shows that crypto adoption is up 880% in 2021 and that it will only grow further. The mass adoption of crypto has become a matter of “when” and not “if”. As in the early days of the Internet or computers, businesses are a particularly important part of the adoption of new technology. With the massive growth rate the industry is seeing, especially with DeFi, a seamless experience for businesses to run their billing, accounting and other financial operations in crypto has been long overdue.
Enter Apply for financing, a crypto finance management platform that will change the course of B2B crypto payments by simplifying financial operations for crypto companies, often managing teams of freelancers around the world. Her vision is to support a future financial system in which crypto assets become a norm in our economies.
Accounting is the lifeblood of businesses. Keeping and maintaining accurate records of payslips, bills, invoices and records is critical to regularly checking cash flow, reducing unnecessary expenses, and keeping track of all pending and outstanding payments.
Apply for financing, from Request labseventually builds an integrated suite of financial tools to help traditional companies, individuals, decentralized autonomous organizations (DAOs), metaverse projects, freelancers and other emerging crypto-native organizations easily work with crypto assets to manage salaries, pay suppliers, and Lake.
A look at the financing of applications — Origin and vision
Request Finance was formally launched in early 2021 with the aim of transforming corporate finance operations into a new decentralized economy. Since its inception, Request Finance has been building tools using the Request Protocol to enable businesses and individuals alike 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 risks, enable compliance with tax and accounting regulations, and make them as easy to use and simple as possible.
The platform is said to have acquired a user base of over 1000+ companies, including major blockchain projects such as AAVE, The Sandbox, Paraswap, and MakerDAO.
Solving Financial Operations in Crypto
Request Finance’s core products include Crypto Billing, Expense and Payroll & Accounting.
With crypto billing, users can access an uncluttered, visual dashboard that displays the current status of all invoices, allowing them to pay hundreds of crypto bills with 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 pays 0.1% on all transactions with a cap of USD 2 per transaction in addition to the network fee.
Request Finance’s 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. Furthermore, the app’s distinctive features such as real-time status updates, payer reputation and escrow ensure that users enjoy a safe and anxiety-free experience.
Users can manage and track the status of invoices issued through the Request platform, schedule invoices, flag deferred and unpaid invoices, and influence the payer’s reputation score. Being on-chain, the platform also features automatic verification of on-chain bill payments, eliminating the red tape of sending follow-up emails.
Another financial tool that Request offers is: crypto payroll software, which is currently in beta. This tool allows users to automate payroll management in cryptocurrency. Users can generate compliant payslips and pay in crypto at the touch of a button. With an increasing number of blockchain companies and DAOs rewarding their partners and employees in tokens and crypto assets, the salary offer is set to facilitate a smooth employer-employee relationship. This also has the potential to ensure good labor and HR relationships in organizations.
Moreover, Request Expenses is an expense management tool that can be used by businesses to manage employee expenses and benefits and pay in crypto. Although it is currently in beta testing phase, it has been used by the team for some time and will be launched in the next quarter. Users who want to test the feature sooner can: enroll in their beta program†
Users can also link Request to accounting software such as Xero or Quickbooks and reconcile all crypto transactions to their ledger for easy accounting. With this, Request aims to increase accounting efficiency and reduce the time and labor costs involved in managing crypto payments for businesses.
What lies ahead for application financing?
As more companies engage in blockchain and Web3, the use of cryptocurrency and digital assets in enterprises will only increase. Request Finance aims to meet the needs of more and more crypto-native companies and their remote-first workforces by making it simple and easy to manage their crypto-financial activities. With Request, companies can automate audits, payroll and loan applications, payroll, and expenses, among other things. The end goal of Request Finance is to become a hub for all enterprise crypto-financial operations and to overcome the clunky interfaces that are all too common in Web 3.0 today.