Request Network launches financial applications technology on Ethereum blockchain

Request Network, which is a Y-Combinator backed project, has officially launched a financial applications technology allowing anyone to easily request and send cryptocurrency payments for goods, services, or simply conduct money transfers between friends, family and businesses.

• Request Network acts like a management hub to handle invoices, with everything stored on an immutable blockchain ledger to allow for formal accounting and auditing.  This opens cryptocurrency invoicing and payments to be used more easily in a business setting.
• The technology offers a wide range of use cases including but not limited to sending payment requests, invoicing, auditing, accounting and fundraising. From empowering NGOs to providing budget transparency, Request Network’s potential applications are extensive.
• Network usage cost of the Request Network are between 0.1% – 0.005% with a maximum of $1.50 per transaction, a fraction of banks and money transfer services.

This first version of the Request Network protocol recognizes popular wallets like Metamask and Ledger. Users can create, send and pay a request in ETH (and ERC20 soon), as well as check all outstanding and incoming requests associated with their ETH address (among other features).

The foundation has also announced a $30 million grant program to fund the development of products with their technology. In addition to the Request Network Hub, the community of builders, developers are invited to submit applications to the Request Fund.

The fund dispenses $30 million in grants over five years to spur the development of financial applications on top of the Request Network technology.

Request Network Foundation lead developer Vincent Rolland says,

“We’re very excited to see the ways in which developers connect with the technology, and use it to make cryptocurrency payments mainstream, both B2B and B2C. Thanks to the Request Network Hub, developers will be able to interact with a community of builders to share knowledge and collaborate on projects, all of which will help to further strengthen the Request Network ecosystem.” 

All this news comes days after the Request Network announced a breakthrough partnership with PricewaterhouseCoopers (PwC) France. This strategic alliance will, per Christopher Lassuyt (Co-Founder, Request Network Foundation), help establish “a bridge between the corporate and blockchain industries.”

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