Request Network Collaborates with Chainlink to Unlock Crypto Payments for Businesses
Request Network using Chainlink oracles to enable fiat invoices getting paid in crypto
We are excited to announce that Request has successfully integrated Chainlink, the market-leading decentralized oracle network, to enable crypto payment for invoices denominated in fiat like US dollars or Euros.
By leveraging Chainlink’s widely used Price Feeds, Request is able to offer an automated and decentralized fiat-denominated crypto payment solution with its Request Invoicing app. Now, users have strong assurances that they are receiving a fair amount of crypto assets (such as $ETH or $REQ) at the time of invoice payment.
Crypto-native and non-crypto native companies can now use Request Invoicing to maintain their accounting in fiat currency, both simplifying the auditing process and ensuring regulatory compliance with existing accounting systems.
We selected Chainlink because of it’s time-tested oracle infrastructure that already secures tens of billions of dollars across DeFi. Most notably, Chainlink Price Feeds reflect volume-adjusted exchange rates that have been aggregated from all trading environments (DEXs and CEXs), with historical update reliability even during heavy market volatility and network congestion.
A collaboration to sustain the growth of the Request Network ecosystem
Request has seen significant growth since its launch, with over $40M in crypto payments settled in the month of May alone. That’s 3x compared to April and a 40x improvement compared to the amount settled in Q1 2021, showcasing the protocol’s exponential growth.
Request is a payment and transaction protocol built on the Ethereum blockchain and IPFS storage network. Companies can use Request to pay and get paid in cryptocurrencies via a single unified user interface. By doing so, they can lower the fees spent on international payments, get paid faster through 1-click invoice creation, mitigate fraud through direct P2P payments, and simplify the accounting process.
In order to support our expansion, we needed to create a solution that allows users to generate crypto invoices denominated in traditional fiat currencies. For example, a user could generate an invoice for $300 to be paid in the equivalent amount of ETH. If the exchange rate of ETH/USD was $3,000 at the time of invoice creation, then the payer would need to send 0.1 ETH to settle the invoice.
Simplifying payments and accounting while using crypto for business
Fiat-denominated crypto payments enable startups, DeFi protocols, DAOs, and companies in the legacy world to send and receive payments in cryptocurrencies while maintaining a compliant paper trail denominated in fiat. Users benefit from the speed, efficiency, and high trust provided by blockchain-based payments without having to change any aspect of their existing accounting systems. It’s not only useful for small purchases but can also be leveraged for liquidity movements across protocols. All these features will speed up the adoption of cryptocurrency as a whole.
To enable fiat-denominated crypto payments on the Request Network, we require a wide array of on-chain fiat-crypto exchange rates that support invoices created by our global user base. However, because blockchains like Ethereum cannot natively access aggregated, tamper-proof exchange rates for cryptocurrencies, we required an additional piece of infrastructure known as an “oracle” to fetch and deliver these external data feeds to our invoicing smart contracts.
After looking into different oracle solutions, we selected Chainlink as our oracle provider for all fiat-denominated crypto invoices. Some of the benefits of Chainlink that stood out to us most include:
- High-Quality Data — Chainlink Price Feeds fetch data from numerous premium data aggregators who generate price data that is aggregated from hundreds of exchanges, weighted by volume, and filtered from outliers and wash trading. Chainlink’s data aggregation model results in accurate global market prices that are resistant to API downtime, flash crashes, and data manipulation attacks such as flash loans
- Secure Node Operators — Chainlink Price Feeds are secured by multiple independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong historical performance history for reliability, even during infrastructure outages
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, establishing strong protections against downtime, blockchain network congestion, and tampering by either the data provider or nodes within an oracle network
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered
Our integration with Chainlink oracles is already live on the Ethereum mainnet, meaning users can start creating fiat-denominated crypto invoices today with Request Invoicing. Our goal is to onboard the entire crypto ecosystem and create a highly trusted solution for B2B payments while retaining full compatibility with the existing compliance legal structures of today.
“Integrating Chainlink Price Feeds into the Request Ecosystem was an extremely simple process. It allowed us to quickly expand our product offerings to include a very requested feature, the creation of crypto invoices denominated in fiat currencies,” stated Request’s Head of Strategic Partnerships Christophe Fonteneau. “With the adoption of Request Invoicing rapidly growing, this integration provides us with the oracle infrastructure we need to take our user experience to the next level, both for crypto and non-crypto native companies.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
Request (REQ) is a blockchain based suite of financial applications dedicated to crypto first companies. Its first product, Request Invoicing, allows anyone from freelancers to small businesses and organizations to create, store and access invoices and receipts in a universal, decentralized network. Users can easily send professional, secured, compliant invoices and receive payments in traditional currencies like USD and EUR — or digital currencies such as USDC, DAI and USDT among many others in the list.
To learn more about Request, visit request.network
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Telegram chat group: https://t.me/REQ_Official
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