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, or process customer cashback and rewards programs. Available in 225 countries recipients ju need to pass KYC and have a crypto wallet. BitPay claims the platform cuts processing times 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 and 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.”