New feature simplifies the process for paying remote team members their salaries in crypto
PARIS, FRANCE / ACCESSWIRE / August 16, 2022 / B2B crypto payments startup Request Finance introduces a new feature called Salaries, to help web3 teams automate their crypto payroll.
The addition of the Salaries feature follows many conversations with many web3 teams, many of whom were using Request's "recurring invoices" feature as a workaround to automate crypto salary and bonus payments.
To date, the app has already processed over $220m in invoices, salaries, bonuses, and rewards in crypto, for more than 2,000 enterprises. The team expects that the new purpose-built feature will simplify payroll management for more web3 teams around the world.
Growing Demand for Crypto Payroll
Many web3 teams are globally dispersed and remote-first, which presents unique challenges in ensuring everybody gets paid on time with minimal hassle. The new Salaries feature allows crypto-native teams to automate salary payments no matter where employees are located. It allows teams to schedule recurring salary payments to hundreds of different wallet addresses and easily view the history of salary payouts.
Paying global teams in crypto, often in stablecoins, is increasingly popular among both enterprises and their employees. For companies, crypto payments are often cheaper, faster, and simpler than bank transfers. Decentralized finance (DeFi) lending pools also allow employees to earn higher yields on their savings in crypto.
Enterprises using the app can pay team members in over 150 different cryptocurrencies or stablecoins, with over 14 blockchain payment networks to choose from. According to the company's latest monthly report, USD-denominated stablecoins continue to be a popular choice for enterprise crypto payments, making up over half (55%) of the invoices paid on Request Finance.
Of course, salaries are just one component of payroll, which also includes other things like bonuses, sales commissions, or even withheld taxes. There's also a complex web of geography-specific regulations around which payroll enterprises must navigate. Request Finance aims to introduce more features in the future that can enable localized payroll.
Crypto-Native Companies Need Crypto-Native Tools
Since launching in January 2021, Request Finance has focused on addressing common pain points like regulatory compliance and financial reporting. Its transformative efforts have garnered attention from verticals across the web3 ecosystem, including DeFi companies like Aave, metaverse and NFT-related projects like The Sandbox, and DAOs like Maker.
"We've been looking for a robust solution to enable the crypto payments of hundreds of monthly invoices; salaries, and various expenses generated through our activity; Request Finance has been the go-to solution that delivered above our expectations and scales as The Sandbox keeps expanding the open metaverse," said Sebastien Borget, Co-founder and COO of The Sandbox.
Request's robust suite of enterprise-friendly features like real-time payment confirmations, automated billing, mark-to-market exchange rates, and integrations with accounting software like Quickbooks and Xero have all contributed to the company becoming the industry's leading enterprise crypto payments platform.
About Request Finance
Request Finance is working to build the best payment automation system for web3. Its suite of financial tools helps crypto-first organizations, contractors, and freelancers manage their crypto finances in a unified dashboard, from invoicing and expenses to payroll and accounting. Request Finance co-founder Christophe Lassuyt is an alumnus of Y Combinator who previously founded Moneytis.com to solve international money transfers using cryptocurrency payment rails.