Cryptocurrency’s mainstream adoption depends on building a bridge between fiat currencies and cryptocurrencies. This will create a flexible, autonomous ecosystem for crypto-native and non-crypto companies to pay vendors and freelancers in their preferred currency.
Request is a blockchain-based suite of financial applications whose first product, Request Invoicing, is bridging this gap. By using Chainlink Price Feeds to automate decentralized fiat-to-crypto conversions, Request Invoicing makes it possible to properly document crypto transactions and integrate them into existing accounting systems.
“Our contribution is to make blockchain-based transactions recognized as legitimate and compliant as any other traditional transaction by providing the invoicing engine,” said Head of Strategic Partnerships, Christophe Fonteneau.
“Request offers the possibility to have invoices denominated in fiat such as USD and paid either in USD or cryptocurrency. This means that, whatever payment method is used, Request provides a paper trail in fiat currency, which simplifies the bookkeeping and the audit process.”
Request’s first non-crypto-native adopters came from the ecosystem of contractors and vendors working with crypto-native organizations. “From marketing, communication and legal services to software development, Request is serving all professionals willing to accept crypto as a means of payment,” Fonteneau said.
He explained how Request’s recent integration of Chainlink Price Feeds “unlocks an additional layer” in the move toward cryptocurrency adoption. “Until this collaboration with Chainlink, Request was mainly serving crypto-first organizations. Now, together with Chainlink, we can address the whole world, since the bridge between fiat and crypto has been established.”
Chainlink has already significantly increased Request’s reach. “The possibilities are infinite; any organization can offer crypto payment to their customers in a seamless way,” Fonteneau said.
Request is already developing key possibilities, including a solution that allows payers to pay with fiat currencies like USD while the recipient receives their preferred cryptocurrency at settlement. A future escrow feature will replace third parties with smart contracts, while integrating layer-2 solutions will provide the option to use Request with Ethereum as well as any other blockchain. “We aim to be as inclusive as possible,” Fonteneau said.
In the long run, Request is developing a suite of related products – payroll, expense management, accounting integrations – and features, such as reputation scores that incentivize companies to pay their vendors on time, that will help facilitate the move toward a fairer and streamlined global economy.
In the future, the ability to send instant cross border payments with cryptocurrencies and CBDCs (central bank digital currencies) would unlock business opportunities between companies in different countries that aren’t possible with the traditional banking system. Said Fonteneau, “This is now becoming possible thanks to crypto, Request and Chainlink working together for a simplified global economy.”