On February 8, 2023, we held an AMA with Request Finance. This AMA session revolved around the topic of the Request Finance project. We collected some good questions from the community during the AMA Request Finance also gave full answers about their project to the community. Let’s read this article to understand the content of the AMA.
Nearity: Hi guys, I’m Landon, a Community Builder of Nearity. We update the latest information on Near about the ecosystem, analyze data, analyze projects, provide instructional content, and support users on how to use and integrate into the ecosystem. Welcome to a wonderful AMA with Request Finance.
Answer the question from the community
Question 1 from Crypto Wingie
“Which part of the project are you most focused on right now? What is the current revenue model? . I want to ask, Which one the most important for you in developing the community and increasing the value of the project?Which one that Will you do first?”
Request Finance: Our focus has always been to build what our users tell us they need. We’ve been working on new features to make the app better for enterprises, including the ability to add admins, and other team members to match the approval workflows, and other financial controls and processes. Our expenses feature will be released this month, and we’re excited about that.
Request Finance is subscription-free to use, including any product and feature. The only expense is a small fee we charge, capped at $2 per payment transaction, but that’s more like a symbolic amount. We want to add value first for customers, and only charge when we add value. If we’re successful, then we will charge for the premium features.
Question 2 from @thuc_0107
“How does Request Finance stay up-to-date with the latest developments in the cryptocurrency and financial industries?”
Request Finance: We’re always attending relevant conferences and events, following industry experts, and reading financial news. As a team, we have dedicated channels on Slack for discussions and sharing on the latest developments in the industry.
Question 3 from Herbert chandler
“Could you share with us some killer features of @RequestFinance project that set it apart from its competitors? What competitive advantages does your platform have that you feel most confident in?”
Request Finance: Ability to pay multiple crypto invoices at once, schedule invoices, batch-payments, all in a simple user interface. We’re the largest invoicing app with over $283m in total payments volume.
Question 4 from Amee Sofia
“Request has many valuable features, but one of the issues that users care about is the passive income system. How will it be possible for #Request users to earn passive income on the platform?”
Request Finance: Request Network, the underlying protocol for Request Finance, has REQ that’s a deflationary currency based on adoption. Every time there’s a request that’s being created, there are some REQ tokens being burnt. Being invested in the REQ token is indirect, being invested in the same success in building the Request Network ecosystem.
Question 5 from ashvanteyinr
“Request Finance is helping businesses manage cryptocurrency bills, payroll, expenses and other requirements, so how does your project support businesses? With low fees do you guarantee a safe transfer? ”
Request Finance: Companies who accept crypto payments face the hurdles of regulatory barriers and the complexity of doing bookkeeping with such transactions. Request Finance removes this complexity, enabling companies to pay in crypto easily. Our app enables any company to issue an invoice in any currency like USD or EUR and have it settled in crypto — it’s as simple as that.
Crypto payments are much cheaper than traditional payment gateways, particularly with L2s like Polygon and xDai, or L1 alternatives to Ethereum such as NEAR, Fantom, and Fuse. Fees are low and cross-border payments happen almost instantly. Request Finance enables you to make fully compliant crypto payments, and has put in place security measures to protect our users, including payment validation using blockchain, P2P transactions, 1-click payment, updated security and encryption.
We’re trusted by over 2,300 enterprises including some of the largest crypto projects like The Sandbox and MakerDAO.
Question 6 from monayegazawiv
“Request Finance transactions are described without going through an intermediary, so how will you do them?”
Request Finance: You can think of Request Finance as Stripe or Paypal for web3, where one can request assets and get paid without a third party. And Request Finance is built on Request Network, a payment protocol that enables one party to “request” payment from another party. When a user “requests” payment on the network, all they need to provide is their crypto wallet and transaction amount. If the request is an invoice, it can also include the terms and conditions of the payment. Once these details are input, the user can send their request to the counterparty for payment. There are no costly intermediaries raising prices or slowing processes, everything is done within a minute.
Question 7 from CHUAKZ
“Request Finance currently uses on e-mail / password for its customers to access the invoicing application. How do you see authentication progress in the future?”
Request Finance: The authentication process depends largely on what value it would bring to the users at the end of the day, whether they’re centralized or decentralized. For example, the tiered authentication model that crypto exchanges adopt allows users to add as much (or little) elements of their identity verification as they want. But the more elements of identity that they add, they then quality for higher tiers that unlock access to different features such as trading higher volumes.
Question 8 from Argee Cuevas
“Transparency and traceability are the core values of a project. Can you share some details about the transparency of your project? How can we be sure that you are not like other scam projects?”
Request Finance: Request Finance builds in public and publishes a monthly report on our blog with all numbers, we have not stopped growing exponentially since launching in January 2021.
Question 9 from agizeriduany
“Request Finance helps Batch-payment users to save up to 90% of their time, so what technology do you use to achieve that?”
Request Finance: We have partnered with Gnosis Safe and Cryptio to provide businesses with an end-to-end crypto accounting suite to streamline, automate, and optimize payments and bookkeeping with cryptocurrencies. For instance, Gnosis Safe’s smart contracts provide Request’s users with added benefits such as batching payments with one click.
Question 10 from masrlansahe
“How does Request Finance look at decentralized finance and blockchain technology? Can you tell me some of your plans for 2023?”
Request Finance: There’s growing real-world adoption of DeFi alternatives to centralized financial intermediaries, especially with the FTX crash. Enterprises that managed their company treasuries or payments in centralized crypto/fiat platforms are waking up to the dangers of ceding control of their cash to a third party.
Some plans for 2023 include transitioning from sales-led growth to product-led growth where we can onboard thousands of customers a month, innovating to continue to offer differentiating product features, and scaling the team.
Nearity: Thank you and the Community for being here today. Don’t forget to join and follow Request Finance’s telegram. I am sure that the community will be looking forward to Request Finance’s event in the near future.
We have another event for the community. Follow me to get a chance to receive the reward and explorer the Ecosystem
And thank you to the Near Foundation have helping Nearity to support projects
Best regards to all of you, thank you for your presence
You can listen to the Recording of the AMA:
?Set to a reminder here⤵️https://t.co/eGKTQOIfom
— Nearity ? | Create Without Limits (@Nearity_org) February 5, 2023