PayPal Competitor Request Network Launches Crypto Payment Service

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Backed by Y-Combinator and based in Singapore, the Request Network Foundation on Friday launched its cryptocurrency payments service, allowing users to send and request payments or make money transfers in cryptocurrencies.

The company said its service, designed to unseat rival PayPal, enables anyone to easily request and send cryptocurrency payments for goods, services, or conduct money transfers, as well as allowing developers to build decentralized financial applications. Additional use cases include fundraising and providing budget transparency. Usage costs are between 0.1 percent and 0.005 percent with a maximum of USD 1.50 per transaction, which the Request Network said is a fraction of what banks and money transfer services charge.

Usage costs are between 0.1 percent and 0.005 percent with a maximum of USD 1.50 per transaction, which Request Network said is a fraction of what banks and money transfer services charge.

Through the use of fully auditable, open source code, the service enables developers to build their own financial applications, this, said the foundation, encourages innovation and supports its mission to make cryptocurrency payments and invoicing widely accessible and easy to use.

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To this effect, the organization also announced a USD 30 million grant program, running over five years, to fund the development of products on the Request Network platform. Hub members are invited to submit applications, alongside the wider community of builders and developers.

“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,” said Vincent Rolland, Lead Developer at Request Network Foundation, in a statement. “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.”

To learn more about Request Network visit: https://request.network

 

About David Bentley

David Bentley is an experienced financial writer and communicator specializing in offshore financial services, hedge funds and technology.

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