BitPay launches mass crypto payments for businesses

Crypto payment services provider BitPay has launched BitPay Send, a new blockchain-powered mass-payout platform for businesses.

BitPay Send allows organizations who do not want to handle or own crypto themselves to process crypto payments en masse. 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 procedure and have a cryptocurrency wallet.

BitPay claims the platform cuts processing time from days to minutes.

The service has already been adopted by advertising platform AdGate Media in order to pay affiliates around the world. AdGate president Dan Sapozhnikov 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.” But he said that the firm “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.”

BitPay CEO Stephen Pair said the ease of sending global transactions via crypto is a big attraction for businesses:

“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 company that launched in 2011. It processed almost 100,000 transactions per month in 2020, the majority of them being in Bitcoin (BTC). 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.