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

BitPay Transport allows organizations who exercise not desire 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 procedure customer cashback and rewards programs. Bachelor in 225 countries, all recipients need to pass the Know Your Client procedure and take a cryptocurrency wallet.

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

The service has already been adopted past advertizing platform AdGate Media in order to pay affiliates around the earth. AdGate president Dan Sapozhnikov explained that many of their affiliates are located outside of N America and Europe, where access to bank accounts can exist difficult, so they want "to exist paid in Bitcoin." But he said that the house "did not want to purchase and hold crypto," adding:

"Having BitPay manage that risk was an important gene in choosing BitPay Send. With BitPay Send, nosotros are able to get our affiliates paid in a thing of minutes and not days."

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

"Traditional international payment methods are cumbersome, costly, and slow. With BitPay Ship, companies can make mass payouts without having to buy, ain or manage crypto and their recipients receive payments quicker and at a lower price."

BitPay is a U.S.-based company that launched in 2011. It processed almost 100,000 transactions per month in 2020, the bulk of them being in Bitcoin (BTC). The business firm is backed by multiple investment firms including Founders Fund, Virgin Grouping, Alphabetize Ventures, and Aquiline Engineering Growth, having raised more than $lxx one thousand thousand in funding.