The cryptocurrency payment service provider BitPay has launched BitPay Send, a new bulk payment platform for businesses based on blockchain.
With BitPay Send, companies that do not want to manage or own cryptocurrencies themselves can process crypto payments in large quantities. It can be used to complete salary payments, pay contractors or affiliates, or process customer rewards and discount programs. Recipients, available in 225 countries, only need to go through KYC and have a cryptocurrency wallet.
BitPay claims the platform reduces processing times from days to minutes.
The service has already been adopted by the AdGate Media advertising platform to pay partners around the world. AdGate President Dan Sapozhnikov stated this Many of its subsidiaries are located outside of North America and Europe, where access to bank accounts can be difficult, and therefore want to “be paid in Bitcoin”. However, he said the company “did not want to buy and hold cryptocurrencies,” adding:
“BitPay’s management of this risk was an important factor in choosing BitPay Send. With BitPay Send, we can make payments to our partners in minutes, not days. “
Stephen Pair, CEO of BitPay, said that The easy way to send global transactions using cryptocurrencies is a major draw for businesses:
“Traditional international payment methods are cumbersome, expensive and time-consuming. With BitPay Send, businesses 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 founded in 2011. In 2020, almost 100,000 transactions were processed every month, most of them in Bitcoin (BTC).. The company is backed by several investment firms including Founders Fund, Virgin Group, Index Ventures, and Aquiline Technology Growth, and has raised more than $ 70 million in funding.
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