BitPay, the crypto payment services provider, has launched “BitPay Send,” a new blockchain-powered mass-payout platform, for businesses.
It has been reported that BitPay Send allows organizations who don’t want to handle or own crypto themselves to process crypto payments en masse.
However, it can be used to complete payroll payments, pay contractors or affiliates, and process customer cashback and rewards programs. Available in 225 countries, all recipients need to pass the Know Your Customer (KYC) procedure and have a cryptocurrency wallet.
BitPay claims the platform cuts processing time from days to minutes, as the service has already been adopted by advertising platform AdGate Media in order to pay affiliates around the world.
Crypto payment provider @BitPay has launched BitPay Send, allowing businesses to send mass crypto payments without owning crypto themselves. https://t.co/0rWrqIOWYk — Cointelegraph (@Cointelegraph) November 13, 2020
Dan Sapozhnikov, the President of AdGate, explained that many of their affiliates are located outside of North America and Europe, where access to bank accounts can be difficult, so they want “to be paid in Bitcoin.”
“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.”
Likewise, Stephen Pair, the CEO of BitPay, said:
“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 processed almost 100,000 transactions per month in 2020, the majority of them being in Bitcoin (BTC).
Thus, the firm is backed by multiple investment firms including Founders Fund, Virgin Group, Index Ventures, and Aquiline Technology Growth, having raised more than $70 million in funding.