(Photo : Kanchanara on Unsplash)

Request Finance, the largest enterprise crypto invoicing and payroll platform trusted by over 2,000 Web3 businesses, is thriving despite the crypto winter.

In June, Request registered a 7.3% increase in the number of crypto invoices paid through its platform to the tune of $8.43 million, exhibiting continuous growth even during a period of unforeseen volatility. 

What's more, Request Finance recently completed a successful seed round that raised $5.5 million from leading institutional backers such as Animoca Brands, which is also a prominent metaverse company, as well as XAnge and Balderton Capital. The seed round also attracted top Web3 founders such as Sebastien Borget, the co-founder and COO of The Sandbox, Michael Kong (CEO of Fantom), and Stani Kulechov, CEO and founder of Aave.

According to reports, Request Finance plans to use the funds to expand its product offerings, enter new markets, and build out its team by hiring for positions across the board even while most companies in the space lay off staff.

Is the Crypto Market Dead?

Detractors of cryptocurrencies and Bitcoin have been quick to declare the entire industry dead as fear uncertainty, and doubt about Bitcoin and the crypto market hits all-time highs.

On Google searches, the term "Bitcoin is dead" has once again resurfaced, thereby renewing the speculation about the demise of the leading cryptocurrency and the entire market.

Granted, the collapse of Terra Luna and its stablecoin platform sent a shockwave throughout the industry that saw Bitcoin and Ethereum drop by over 15% in a matter of days, thus marking an 18-month low.

The collapse of Terra Luna and its UST stablecoin, right from its underdog start as a payment app in South Korea to a $60 billion crypto ecosystem, wiped out over $17 billion in value off the crypto market, raising questions about the future of the industry.

However, a closer look at the numbers from companies such as Request Finance tells a different story.

Request Finance's Survival Strategy

Request's focus on helping businesses tackle complex compliance and accounting challenges when dealing with crypto is by far one of the most important aspects of the company's success strategy.

In a blog post announcing their successful $5.5 seed round, Maxime Le Dantec, Principal at Balderton Capital, said:

"The popularity of cryptocurrencies poses serious challenges to CFOs and their teams. Bank accounts are increasingly replaced by wallets, financial institutions now compete with decentralized lending protocols, and legacy payment networks are being replaced by blockchains. The traditional enterprise finance software stack made of tools like Melio payments or Bill.com is less relevant than a crypto-native tool like Request Finance"

Since its launch in January 2021, Request Finance has managed to clear over $200 million in crypto invoices and continues to offer an all-in-one finance solution for Web3 natives, including easy integration with business accounting software such as Xero, QuickBooks, and Freeagent.

The company has also managed to form key partnerships with leading DeFi protocols such as MakerDAO, AAVE, and The Sandbox, thereby increasing its reach and platform usage.

In addition, Request Finance has managed to capitalize on the increasing move toward remote work and online collaboration by offering a mobile app that makes it easier for users to request, approve and pay invoices on the go.

Request's focus on the biggest challenges for institutions and individuals venturing into the incoming Web3 space seems to be paying off as the company continues to grow even amid a market downturn.

"The opportunities that lie in powering payments for the open metaverse have attracted several large, traditional payment companies. But crypto-native solutions like Request Finance play a critical role in addressing the needs of Web3 enterprises and their communities," said Yat Siu, who is the CEO and co-founder of Animoca Brands.

What's Next For Request Finance

The future looks bright for Request Finance and other companies in the space despite the crypto winter.

The request team has plans to launch a new slate of in-app services and products that will further help Web3 companies better manage their crypto-financial operations as we progress further into a decentralized financial future.

Despite the negative sentiments across the crypto sphere, companies such as Request Finance prove that the industry is far from dead and that there is still a lot of value to be created in the space.