The Future of Financial Management in Web3: Insights from Christophe Lassuyt of Request Finance
In a recent episode of The Financial Frontier, Patrick Camuso sat down with Christophe Lassuyt, CEO of Request Finance, to discuss the transformation of financial management in the Web3 space. Christophe shared his journey into blockchain, Request Finance’s role in streamlining financial operations for crypto-native businesses, and how CFOs and CPAs can prepare for the coming decade of digital finance.
1. Christophe’s Journey into Blockchain and Web3
Christophe’s introduction to blockchain dates back to 2014, when he and his co-founder launched a remittance project that used Bitcoin as the underlying payment infrastructure. “People didn’t know we were using Bitcoin; they thought we were an alternative to Western Union,” Christophe explained. This early experience laid the groundwork for his deep understanding of both traditional finance and blockchain technology. His transition from CFO roles in Switzerland, China, and the U.S. to blockchain was driven by the inefficiencies he saw in the traditional financial systems, especially when dealing with cross-border payments.
His experience as a CFO—coupled with the frustration of dealing with unclear regulations and crypto taxes—led him to co-found Request Finance in 2020. The platform simplifies transactions, accounts receivable, accounts payable, and payments for Web3 companies. As Christophe noted, “We’ve built a big payment machine at the service of CFOs all in one place.”
2. The Core Features of Request Finance
Request Finance provides an array of services designed to make financial management easier for Web3 companies. These include:
· Accounts Receivable and Payable: The platform supports invoicing and paying bills across multiple countries, making it easier for companies to handle both fiat and crypto payments.
· Global Payment Capabilities: With access to 190 countries and support for over 350 cryptocurrencies, Request Finance streamlines global transactions.
· Integration with Major Blockchain Networks: Request Finance supports 20 different payment networks, including Ethereum, Binance Smart Chain (BSC), and Polygon. This makes it easier for businesses to transact in their preferred crypto ecosystems.
What makes Request Finance stand out is its ability to cater to the specific needs of Web3 businesses while also facilitating the onboarding of non-crypto-native companies. As Christophe pointed out, “We are contributing to mainstream adoption by letting CFOs have a safe, compliant place to manage everything crypto in terms of payments.”
3. Use Cases of Request Finance
Christophe shared some fascinating use cases, both from Web3-native companies and traditional businesses transitioning to blockchain.
· Telecom Companies: A telecom company with operations in multiple countries uses blockchain to significantly reduce its cross-border payment fees. By switching to crypto-based payments, the company saves 90% on transaction fees compared to traditional banking.
· Private Jet and Helicopter Rentals: High-end private jet and helicopter rental companies use Request Finance for fast, secure, and large cross-border payments. Traditional banking systems like SWIFT are too slow for urgent transactions, making crypto an ideal alternative for these high-stakes operations.
Both examples underscore how blockchain can improve operational efficiency and reduce costs for businesses, whether they are crypto-native or from traditional sectors.
4. The Growing Adoption of Stablecoins
When discussing Web3 companies, Christophe emphasized the growing reliance on stablecoins for day-to-day transactions. He explained, “Companies mostly use stablecoins… because people and companies do not want to take risks on their balance sheet.” While volatile assets like Bitcoin and Ethereum were once used for payments, businesses now prefer stablecoins such as USDC and USDT to avoid exposure to price fluctuations.
Request Finance’s platform supports over 350 cryptocurrencies, but Christophe revealed that more than 50% of their transactions are in stablecoins. This shift highlights how businesses are seeking stability in their financial operations, despite the volatile nature of many digital assets.
5. Challenges for CFOs and CPAs in Web3
One of the recurring themes in the discussion was the challenges faced by CFOs and CPAs when dealing with cryptocurrency. Christophe outlined two major obstacles:
· Clarity in Regulatory and Tax Compliance: Many CFOs and CPAs are hesitant to dive into crypto due to the complex regulatory landscape. “The tax offices had no idea
what they had to request of me,” Christophe remarked, reflecting on his early experiences.
· Emotional State and Fear of Making Mistakes: Beyond the technical challenges, there’s also an emotional burden. CFOs and CPAs are perfectionists by nature, and the fear of making an error in a new and rapidly evolving space can be overwhelming. Christophe emphasized that feeling accompanied by a community can alleviate much of this stress.
To help ease these concerns, Christophe co-founded the Web3 Finance Club, a community where CFOs and CPAs can share insights, ask questions, and learn from one another. This network provides members with a sense of reassurance as they navigate the complexities of crypto finance.
6. The Future of Cryptocurrency and Web3 Adoption
Looking ahead, Christophe predicts that full mainstream adoption of cryptocurrency is likely to take another decade. “Within 10 years, we’re going to have mainstream adoption,” he forecasted, citing inflationary pressures, regulatory clarity, and the benefits of decentralized finance (DeFi) as key drivers. He believes that companies that fail to adopt blockchain will be at a disadvantage, especially as crypto becomes more regulated and trusted.
Moreover, Christophe envisions a world where the distinction between Web2 and Web3 companies disappears. As more traditional businesses adopt blockchain technology, they will likely become “hybrid companies,” using both traditional and digital financial systems. “We’re not going to talk about Web2 and Web3 clients anymore,” he stated. “We’re going to talk about hybrid companies, and those are the ones that are going to survive the next 10 years.”
7. Key Takeaways for CFOs and CPAs
For CFOs and CPAs new to crypto, Christophe offers a few important pieces of advice:
· Get Informed: There are many educational resources and communities available, such as the Web3 Finance Club, that can provide valuable support.
· Embrace Stablecoins: Stablecoins are a practical solution for businesses looking to adopt crypto without exposing themselves to volatility.
· Stay Compliant: As Christophe mentioned, “More regulations are actually going to help with more adoption,” since clear rules make it easier for businesses to operate with confidence.
Conclusion
Christophe’s conversation with Patrick Camuso offered deep insights into the future of crypto finance and the growing need for CFOs and CPAs to adapt to these changes. Request Finance is not only helping Web3 businesses manage their financial operations but also paving the way for more traditional companies to integrate blockchain into their systems.
For those looking to stay ahead in the rapidly evolving financial landscape, joining communities like the Web3 Finance Club and embracing new payment technologies like stablecoins could be the key to thriving in the next decade of digital finance.
