BitPay Send allows companies to send crypto payments around the world without having to hold any digital assets in first person.
BitPay, a company providing crypto payment services, has launched BitPay Send, a new blockchain payment platform for businesses.
BitPay Send allows companies that do not want to directly manage or own cryptos to send payments with digital assets, whether they are pay slips, payments to contractors or partners and even cashback and reward programs for customers. Available in 225 countries, all recipients must have a “Know Your Customer” procedure and own a wallet.
BitPay claims that the platform reduces transaction Profit Revolution processing time from days to minutes.
The service has already been adopted by the AdGate Media advertising platform to pay its partners worldwide. AdGate’s president, Dan Sapozhnikov, explained that many of their partners are located outside of North America and Europe, in regions where access to bank accounts can be difficult, so they want to “get paid in Bitcoin”. But he said that the company “did not want to buy and hold crypto”:
“The risk management part is borne by BitPay: this was an important factor in our choice of BitPay Send. With this system we are able to pay our partners in a few minutes and not days”.
BitPay’s CEO, Stephen Pair, said that the ease with which global transactions are made in cryptocurrency is very interesting for companies:
“Traditional international payment methods are inconvenient, expensive and slow. With BitPay Send, companies can make payments without having to buy, own or manage cryptos, and recipients receive payments faster and at a lower cost”.
BitPay is a US-based company launched in 2011. It processed nearly 100,000 transactions per month in 2020, most of them in Bitcoin (BTC). The company has received funding from several investment funds including Founders Fund, Virgin Group, Index Ventures and Aquiline Technology Growth, raising more than $70 million in funding.