BitPay has just launched BitPay Send today which will allow mass crypto payments for businesses and they can do so without holding any crypto themselves so let’s learn more about it in today’s cryptocurrency news.
Crypto payment service provider BitPay, has just launched BitPay send which is a new blockchain-powered mass payout platform for businesses. The platform will allow organizations that don’t want to handle or own any crypto themselves to process crypto payments nonetheless. It can be used to complete payroll payments, pay contracts or other affiliates or even process customer cashback with crypto. Now available in 225 countries, recipients will have to pass KYC and own a crypto wallet. The exchange claims that the platform cuts processing times from a few days to minutes.
The service was already adopted by AdGAte media advertising platform in order to pay affiliates around the world. AdGate President Dan Sapozhnikov explained that most of the affiliates are located outside of North America and Europe where access to bank accounts can be extremely difficult so they want to be paid in Bitcoin. however, he said that the company doesn’t want to buy and hold crypto by adding:
“Having BitPay manage that risk was an important factor in choosing BitPay Send. With BitPay Send, we are able to get our affiliates paid in a matter of minutes and not days.”
BitPay CEO Stephen Pair commented on the ease of sending global transactions via crypto and how it is becoming a huge attraction for businesses:
“Traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.”
BitPay is a US-based company that launched in 2011 and processed about 100,000 transactions per month this year with most of that being in BTC. The company is backed by multiple investment companies like Index Ventures, Aqualine Technology Growth, and Virgin Group with more than $70 million in funding. Also, as recently reported, According to data published by the firm, even 107,000 crypto pay transactions were completed on BitPay in June, which is a new record for the year. Data also shows that with the exception of March (when the most recent crypto crash occurred and BTC plunged below $4,000), transaction volumes have continued to climb and there are over 100,000 per month since April, after ending the year with less than 90,000 transactions per month.
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