Singapore Crypto Payments Startup Raises $5.5m from Animoca Brands, European VCs, Founders from The Sandbox, Fantom, and Aave & More News Here

The recent spherical of capital will help the corporate’s efforts to increase its in-app providers, and develop its workforce to seize a higher share of the rising crypto funds house. According to a report from blockchain information platform Chainalysis, the amount of cryptocurrency transactions globally grew to $15.8 trillion in 2021, up 567% from 2020.

Yat Siu, the chief chairman and co-founder of Animoca Brands, commented: “The services provided by Request Finance allow Web3 projects – including some Animoca Brands companies – to save time and effort on crypto payments. We believe the company has a significant potential for growth and expansion.”

Simplifying Enterprise Crypto Payments

Since launching in January 2021, a whopping $203 million in crypto invoices have been paid within the app. Today, Request Finance simplifies and automates invoicing, bills, payroll, and accounting in crypto for greater than 2,000 Web3 groups.

Sebastien Borget, Co-Founder and COO of metaverse big, The Sandbox, who personally backed the corporate’s seed spherical, stated: “We’ve been looking for a robust solution to enable crypto payments for the hundreds of invoices; salaries and various expenses generated through our activity each month. Request Finance has been the go-to solution that delivered above our expectations and that scales as The Sandbox keeps expanding the open metaverse.”

It all began with a easy concept: give companies a greater option to pay, and be paid in crypto.

The founders noticed critical issues that needed to be solved earlier than extra companies would begin utilizing crypto. For one, making crypto funds by copying and pasting pockets addresses from a spreadsheet is each laborious, and frightfully weak to human error. On high of that, conserving correct monetary data of crypto transactions was additionally an accountant’s nightmare.

To handle these ache factors, the workforce constructed a collection of enterprise-friendly options like on-chain cost confirmations, automated billing and funds in crypto, and even integrations with accounting software program like Xero. The self-custodial platform at present helps over 150 tokens and stablecoins on 14 totally different chains.

By addressing the widespread challenges confronted by corporations utilizing crypto, it has attracted massive customers from totally different Web3 verticals. Notable names embrace DeFi corporations like Aave, metaverse tasks like The Sandbox and Decentraland, in addition to DAOs like Maker.

With rising requires crypto funds to be regulated beneath current tax and anti-money laundering legal guidelines, Request Finance additionally affords enterprises a simple option to doc vital details about their crypto funds that are sometimes required by the authorities.

Alexis du Peloux, Principal, at XAnge, commented: “After backing Ledger, Coinhouse, and Dogami we’re backing a Web3 company that is set to become an essential part of tooling for Web3 businesses like DAOs, DeFi platforms, metaverse companies, and more.”

What Winter?

Despite the cratering in crypto asset costs, and skepticism over the real-world adoption of cryptocurrencies, the corporate seems resistant to the chilly of the crypto winter.

According to the corporate’s revealed information for the month of May, the variety of crypto invoices paid rose 81% month-on-month, bringing the entire depend to over 10,000 invoices paid thus far. This represents about $10.5 million in crypto invoices paid final month alone, up 91%, or about $5 million greater than the earlier month.

And whereas bigger crypto corporations have just lately been making the headlines for layoffs and canceled job affords, Request Finance is actively seeking to develop its ranks. It is hiring for numerous roles together with a Chief Finance Officer (CFO), software program builders, in addition to positions in enterprise growth and advertising and marketing.

The remote-first workforce at present contains greater than 20 blockchain engineers, UX designers, progress hackers, and help employees working from 12 totally different international locations throughout Asia and Europe. This consists of Singapore, Indonesia, South Korea, the UK, Netherlands, France, Greece, Germany, Portugal, Mauritius, Bulgaria, and North Macedonia.

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SOURCE Request Finance

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