Crypto payment service provider launched BitPay Send, a new blockchain-based mass payment system for businesses.
BitPay Send allows organizations that don’t want to process or own cryptocurrencies to process cryptocurrency payments in abundance. It can be used to pay salaries, pay contractors or affiliates, process customer payments, and reward programs. All recipients are available in 225 countries and must complete the Know Your Customer procedure and receive a cryptocurrency wallet.
BitPay claims the platform cuts processing times from days to minutes.
The service has already been approved by the advertising platform AdGate Media to pay affiliates around the world. Dan Sapozhnikov, President of AdGate, explained that many of the subsidiaries are located outside North America and Europe, where access to bank accounts can be difficult, so they will “receive payment in bitcoin.” But he said the company “will not buy and hold cryptocurrencies,” adding:
“Managing this risk with BitPay was an important factor in choosing BitPay Send. With BitPay Send, we can pay our partners in minutes, not days.”
BitPay CEO Stephen Bear said that sending global transactions via cryptocurrency is a huge benefit to businesses:
“Traditional international payment methods are cumbersome, expensive, and slow. With BitPay Send, businesses can make bulk payments without having to buy, own, or manage cryptocurrencies, and recipients receive payments faster and at a lower price.”
BitPay is an American company that was founded in 2011. In 2020, it processed nearly 100,000 transactions per month, mostly in Bitcoin (BTC). The company supports several investment firms, including Founders Fund, Virgin Group, Index Ventures and Aquiline Technology Growth, and provides more than $ 70 million in financing.