According to cointelegraph, BitPay, a crypto payment service provider, has launched BitPay Send, which is a new blockchain-powered mass-payout platform for businesses.
BitPay Send allows organizations who do not want to own crypto themselves to process crypto payments masse.
It enables businesses to pay employees, contractors, customers and affiliates with crypto.
Available in 225 countries, all recipients need to pass the Know Your Customer procedure and have a cryptocurrency wallet in order to receive payment and companies are charged a 1% fee. There are no hidden foreign exchange fees and all the payments are registered on the blockchain.
BitPay states the platform cuts processing time from days to minutes.
AdGate president Dan Sapozhnikov said:
“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 mentioned:
“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.”
Crypto payment services provider BitPay is a U.S.-based company that launched in 2011. It processed almost 100,000 transactions each month in 2020, and the majority of them being in Bitcoin (BTC).
