BitPay Send lets companies issue mass crypto payments all over the world without owning any crypto themselves.
BitPay which is a crypto payment services provider has started BitPay Send, a unique blockchain-powered mass-payout platform for companies.
BitPay Send lets companies who do not want to deal or to have their own crypto themselves to process crypto payments en masse. It can be used to manage payroll payments, pay entrepreneurs or affiliates, and process clients' cashback and rewards programs. Accessible in 225 countries, all recipients need to fill and pass the Know Your Customer procedure and they need to have a cryptocurrency wallet.
BitPay says the platform makes processing time from days to minutes.
The service is now been approved by the promoting platform AdGate Media in order to pay affiliates around the globe. Dan Sapozhnikov who is the president of AdGate told that several of their affiliates are settled outside of North America and Europe, where the entrance to bank accounts can be hard, so they want “to be paid in Bitcoin.” But he told that the company “did not want to buy and hold crypto,” 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.”
CEO of BitPay Stephen Pair told the security of sending global transactions via crypto is a huge attraction for companies:
“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 U.S.-based firm that started in 2011. Every month it processed nearly 100,000 transactions in 2020, most of them being in Bitcoin (BTC). The company is backed by many investment companies including Founders Fund, Index Ventures Virgin Group, and Aquiline Technology Growth, they have raised more than $70 million in funding.
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