Bitpay launches a new payroll service for companies that choose to pay employees in Crypto

Bitpay, the Atlanta-based cryptocurrency payment processing company, is now engaged in payroll services. The company announced the launch of Bitpay Send, a mass payment service that allows organizations of all sizes to pay employees, affiliates and freelance contractors.

Bitcoin and cryptocurrency payment service provider Bitpay has announced the launch of a new product called Bitpay Send. The new platform is called a bulk payment service and aims to help employers and other types of organizations pay workers in cryptocurrency.

In addition to the launch of Bitpay Send, the company also explained that the company Adgate Media now takes advantage of the mass payment system. Adgate connects with affiliates of digital advertisers who reward users for engagement.

“We have a lot of affiliates who wanted to get paid in bitcoin, especially those who are based outside of North America and Europe, where access to bank accounts is difficult,” said Dan Sapozhnikov Adgate chairman. “One of our biggest challenges is that we didn’t want to buy and hold cryptocurrencies and that Bitpay managed that risk was an important factor in choosing Bitpay Send,” he added.

Sapozhnikov further stated:

With Bitpay Send, we are able to get our affiliates to pay in minutes and not days.

Bitpay’s service will compete with companies like Bitwage, a company that also offers infrastructure to pay a company’s employees with digital assets like BTC and BCH. To take advantage of the new Bitpay Send, users do not need a bank account to take advantage of the platform.

However, Bitpay Send users will need access to a cryptocurrency wallet and will have a Bitpay ID. The company’s announcement says the company will charge a 1% fee for processing cross-border payments.

“The adoption of Blockchain payments is growing because it offers an easy way to send and receive payments on a global scale,” said Stephen Pair, CEO of Bitpay. “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, ”the executive added.

Bitpay’s system allows payments in BTC, BCH, ETH, XRP and even some stablecoin assets. Bitpay Send’s announcement also states that “Customers provide all the basic details needed for Know-Your-Customer regulations.”

“Bitpay Send enables companies to make payroll payments, facilitate customer withdrawal requests, pay independent contractors or affiliates, issue rewards or discounts, and financially settle with market vendors,” conclude the company’s product launch statements. ‘company. “The company funds fiat payments and leverages blockchain to send pre-tax payments without having to own or manage digital currency, eliminating inherent exposure to its volatility or risk.”

What do you think of Bitpay offering payroll services for companies that want to pay in cryptocurrencies? Let us know what you think about this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Bitpay Send,