Request Network announced yesterday that they would be joining the Accounting Blockchain Coalition, a network dedicated to educating non-crypto related corporations on digital assets and blockchain. The announcement follows the development of REQ’s accounting app, which the non-profit foundation hopes will streamline the accounting process for cryptocurrencies.
One aspect of crypto that trips up many new investors – and scares off others is the complexities of taxation and accounting. Issues not made any easier by the regulatory limbo many coins find themselves in, or the fact that different countries have different standards for reporting holdings and trade profits – if they even have guidelines at all.
Request Network (REQ), launched in October 2017, is a project trying to set itself up as the go-to solution for payment processing in crypto. Similar to how many companies will allow you to pay your bills through online banking, REQ is working to enable related services over the blockchain – and unlike online banking, REQ’s services will be decentralized.
In a bid to streamline accounting for crypto, the Request Foundation is building an app, codenamed ‘Boundless’ which will allow anyone to send and pay invoices on the blockchain, as well as automatically managing the accounting of those payments. It will enable customers to pay invoices with coins of their choice and will log the conversion rates at the time of the transaction to make compliance easy for any reasonable accountancy guidelines.
And of course, as the transactions take place on an immutable ledger it will not be possible for either party to go back and fudge any dates, numbers or addresses – sales logged through REQ’s ‘Boundless‘ app will be more trustworthy than any centralized company’s internal ledgers.
To build adoption of crypto, Request is now joining the Accounting Blockchain Coalition, a non-profit network working to educate businesses on blockchain technology and how it might be incorporated into their operations. As a project focused on processing transactions and hoping for greater business adoption, it’s a good match for REQ.
The network is non-profit, and REQ will not be compensated for any work they do for them, but of course, the more business adoption of crypto we see, and the sooner we understand it, the better for REQ.