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Cryptographic payment service provider BitPay has launched BitPay Send, a new blockchain-based mass payment platform for businesses.
BitPay Send allows organizations that do not want to manage or own encryption themselves to process crypto payments in bulk. It can be used to complete payroll payments, pay contractors or affiliates, and process customer rewards and rewards programs. Available in 225 countries, all recipients must pass the Know Your Customer process and have a cryptocurrency wallet.
BitPay says the platform cuts processing times from days to minutes.
The service has already been adopted by the AdGate Media advertising platform to pay affiliates around the world. AdGate chairman Dan Sapozhnikov explained that many of their affiliates are located outside of North America and Europe, where accessing bank accounts can be difficult, so they want to “get paid in Bitcoin”. But he said the company “didn’t want to buy and hold cryptocurrencies,” adding:
“Having BitPay able to manage that risk was an important factor in choosing BitPay Send. With BitPay Send, we are able to get our affiliates to pay in minutes and not days. “
BitPay CEO Stephen Pair said the ease of sending global transactions via cryptography is a big draw for businesses:
“Traditional international payment methods are cumbersome, expensive and slow. With BitPay Send, companies can make bulk payments without having to buy, own or manage cryptocurrencies, and their recipients receive payments faster and at a lower cost. “
BitPay is a US-based company launched in 2011. It processed nearly 100,000 transactions per month in 2020, most of them in Bitcoin (BTC). The firm is backed by multiple investment firms including Founders Fund, Virgin Group, Index Ventures and Aquiline Technology Growth, which have raised over $ 70 million in funding.
