An encrypted payment service provider has launched BitPay Send, a new blockchain-based bulk payment system for businesses.
BitPay Send allows organizations that don’t want to process or own cryptocurrency to process cryptocurrency payments in abundance. It can be used to pay salaries, pay contractors or affiliates, and process customer payments and reward programs. All recipients are available in 225 countries and must complete Know Your Customer (KY) and receive a cryptocurrency wallet.
BitPay claims the platform is cutting processing times from days to minutes.
The service has already been approved by the AdGate Media advertising platform to pay for affiliates around the world. Dan Sapognikov, president of AdGate, explained that many subsidiaries are located outside North America and Europe, where access to bank accounts can be difficult, so they will “receive payment in bitcoins.” But he said the company “does not want to buy and hold cryptocurrencies,” adding:
“Having BitPay to handle this risk was an important factor when choosing BitPay Send. With BitPay Send, we can pay our partners within minutes, not days. ”
BitPay CEO Stephen Burr said that making it easier to send global transactions via cryptocurrency is a big benefit for companies:
“Traditional international payment methods are cumbersome, expensive and slow. With BitPay Send, companies can make massive payments without having to buy, own or manage cryptocurrencies, and recipients receive payments faster and at lower cost. ”
BitPay is an American company that was launched in 2011. In 2020, it processed nearly 100,000 transactions per month, most of them in Bitcoin (BTC). The company supports several investment companies, including the Founders Fund, Virgin Group, Index Ventures and Aquiline Technology Growth, and has raised over $ 70 million in funding.