Sirlibz
BitPay, a cryptocurrency payment services provider has announced the launch of BitPay Send, a new blockchain-powered mass-payout platform for businesses. The BitPay Send is a platform that will allow businesses to issue mass crypto payments around the world without having to even hold any crypto asset themselves.
The BitPay send will make it easier and possible for organizations who do not plan to hold or handle any crypto payments to still be able to function. The new platform can be used to complete Payroll Payments, pay contracts or affiliates, and can be used to process customer cashback and reward programs. The platform is currently available in 225 countries and anyone wishing to use the platform must pass the Know You Customer (KYC) process and own a crypto wallet.
AdGate Media, an advertising platform has already adopted the BitPay Send and plans on using it to pay affiliates around the world. The president of AdGate Media, Dan Sapozhnikov pointed out that they have a lot of affiliates that are located outside of North America and Europe, these ones would prefer to be paid with Bitcoin (BTC) since access to the local bank accounts can be difficult sometimes. The solution is perfect for AdGate Media since the firm does not plan on holding any crypto.
“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.” Sapozhnikov noted.
BitPay has been existing since 2011 after it’s launch and is based in the US. The company processes over 100,000 transactions per month in 2020. Majority of transactions processed are mainly in Bitcoin (BTC). The release of BitPay Send gives them yet another usage platform and creates a new use case for the company.
“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.” The CEO, Stephen Pair said.
