Ryde, a first-of-its-kind ridesharing company in Singapore boasting over 200,000 active monthly users, has announced its partnership with Request Finance.
Through this partnership, Ryde will ramp up its crypto payment capabilities from only accepting Bitcoin to allowing its users to spend over 70 different cryptocurrencies and chain-hop across 10 different blockchain networks.
By leveraging Request Finance’s enterprise-grade features such as a single dashboard for managing all crypto invoices and integration with accounting software like Quickbooks, Ryde is set to quickly expand its reach of cryptocurrency users without worrying about the complexities of managing blockchain payments.
This partnership is a major win for Request Finance, which has been working hard to position itself as the go-to solution for businesses looking to enter the world of crypto payments.
Ryde joins an expansive list of notable web3 companies such as The Sandbox, AAVE, and MakerDao who use Request Finance to manage over $190 million in enterprise-level crypto payments.
Speaking at the launch of the partnership, Mr. Ludovic Gilbert who is the Business Development Manager at Request Finance said:
“Request Finance is proud to support forward-thinking web2 companies like Ryde in adopting new payment technologies in a secure and compliant manner.”
A Partnership of Trend Setters
Both Ryde and Request Finance have been working on the cutting edge of their respective industries, and this partnership is a prime example of that.
Ryde emerged as the first company in Singapore to offer cashless payments for ridesharing and now plans to go to an IPO with a $200 million valuation before the end of the year. Ryde caters to a full suite of on-demand mobility services including private cars and taxis to mention a few.
With increased crypto adoption worldwide, it was only a matter of time before Ryde decided to enter the world of cryptocurrency payments. Ryde prides itself in being a tech startup eager to observe and learn from exciting innovations in the emerging web3 space.
Apart from expanding its crypto payment capabilities with Request Finance, Ryde is also launching its first NFT project that is set to strengthen the sense of community among Ryde users. Ryde’s NFTs will target Ryde’s Ryde+ subscribers and will feature exclusive perks such as additional savings on rides and exclusive monthly cashback offers of up to 20% on select trips.
With few NFTs offering real-world utility, a Ryde spokesman said that the company hopes “to be able to deploy NFTs in a way that generates more real-world value, especially for the rapidly growing market segment of Singaporeans who hold crypto assets.”
Request Finance, on the other hand, is introducing affordable crypto payment management solutions that were previously lacking in the crypto space.
By abstracting away the complexities of blockchain payments, Request Finance allows businesses of all sizes to send and receive payments in cryptocurrency without having to worry about the underlying technology.
This is a breakthrough for businesses who want to enter the world of crypto payments but are put off by the lack of trustless solutions available.
Request finance offers a single dashboard to manage all crypto invoices, view real-time payment confirmations, set up accurate market-to-market prices at the time of invoice payment, and schedule recurring invoices not to mention integrate with accounting software such as Quickbooks and Xero.
While such features are standard in the world of traditional finance, they are a major innovation in the world of cryptocurrency payments, where blockchain ecosystems exist as siloed and disconnected entities.
Fueling a move towards Remote-First Companies
Courtesy of Request Finance’s easy-to-use invoicing and crypto payment solutions, a plethora of remote-first companies are now able to do business in a trustless and decentralized manner.
Up until now, most businesses have been forced to rely on solutions such as Coinbase Commerce to manage their crypto payments. While such alternatives are seasoned actors in the DeFi (decentralized finance) world, they only provide support for a handful of cryptocurrencies.
Request Finance features a much more expansive network that covers more than 70 cryptocurrencies and stablecoins across over 10 blockchains not to mention more than 10 supported fiat currencies.
What’s more, Request Finance’s 0.1%fee which is capped at $2 per transaction from users with no monthly or annual subscription is much more affordable than those imposed by other crypto payment processors such as Coinbase.
This is a major advantage for businesses who are looking to enter the world of cryptocurrency payments but are put off by the high fees associated with such solutions.
Given that the COVID-19 pandemic forced a move towards remote-first startups, Request Finance is building an integrated suite of financial tools that helps power a remote-first and decentralized economy.
The numbers speak for themselves proving Request Finance’s solutions to be a welcomed reprieve as the company’s crypto finance management platform reports an annualized growth rate of 70% in monthly transaction volume and 17,500% in value of cumulative payments made.
Looking Ahead
This partnership is a major win for both Request Network and Ryde and is a prime example of the growing trend of businesses turning to cryptocurrency to streamline their payment processes.
With Request Finance, Ryde can now offer its customers the ability to pay for their rides with decentralized payment solutions while still receiving all the benefits of a centralized payment management system.
Meanwhile, Request Network is advancing the adoption of automated crypto payments and invoicing for web3, DeFi, DAOs, and NFT projects through its easy-to-use payment solutions.
As more businesses turn to cryptocurrency to power their payment solutions, Request Finance is well-positioned to become the go-to solution for anyone looking for an easy way to send and receive as well as manage payments in cryptocurrency.
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