BitPay Launches BitPay Send Feature for Businesses

Home » FinTech » Cryptocurrencies » BitPay Launches BitPay Send Feature for Businesses

BitPay Launches BitPay Send Feature for Businesses

It’s no secret that the typical employment model has been upended in recent years. Not only has the gig economy continued to grow but, due in part to the COVID-19 pandemic, remote work is at a new high. With that in mind, BitPay recently launched a new tool called BitPay Send that could also change the way that workers and contractors are paid.

The mass-payment tool allows businesses to run payroll, pay vendors, and more using crypto. To use BitPay Send, users will first deposit funds in fiat currency and then submit the payouts they wish to make. Then, the amount sent will be converted and reach the recipient’s crypto wallet. Currently, BitPay supports payment processing and cryptocurrency settlement for merchants in more than 200 countries and territories. In terms of fees, senders pay just 1% of the transaction amount.

Speaking to the benefits of cryptocurrency payments, BitPay CEO Stephen Pair explained, “Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale. Traditional international payment methods are cumbersome, costly and slow.” Pair added, “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.”

Among those currently using the BitPay service is AdGate. According to president Dan Sapozhnikov, the company came across the solution after several of their affiliates requested to be paid in Bitcoin — especially those located outside of the United States — but AdGate themselves didn’t want to have to hold crypto themselves. Commenting on how this led them to BitPay, Sapozhnikov stated, “The BitPay team worked with us on integration and there was minimal training since pushing a button is all we need to do when we are ready to pay. With BitPay Send, we are able to get our affiliates paid in a matter of minutes and not days.”

BitPay Send’s official debut comes at a time when Bitcoin itself is experiencing a bit of a renaissance. After months of toiling around the $10,000 mark, $BTC has recently topped $16,000 and, as of this writing, sits just below that threshold. This surge could certainly renew interest in the asset and lead to greater demand for a service such as BitPay.

Although the thought of Bitcoin payroll may sound niche now, it may not sound as crazy in the coming years. In fact, with more workers now operating from home and from remote locations, the speed and security of crypto payments may prove increasingly attractive. All in all, BitPay and their Send feature seem to be continuing the trend of making cryptocurrency more accessible and showing off blockchain’s benefits in the process.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Insurtech Company Hippo Scores $350 Million Investment

Palo Alto-based insurtech startup Hippo just announced that it's raised another $350 million. The impressive raise comes exclusively from Mitsui Sumitomo Insurance Company, Limited and brings the company's total funding to date to $709 million. Instead of being aside a letter, the round is being described as simply a "venture...

Bitcoin Continues to Surge, Nearing All-Time High

In 2017, Bitcoin enjoyed a famed run that saw the cryptocurrency's value climb to nearly $20,000 per coin before plummeting back down to earth. Now, nearly three years later, the asset is making another run at that record. Since October 1st, the price of Bitcoin has nearly doubled, going from...

Vennfi Raises $2.3 Million Ahead of Charityvest Platform Expansion

Even as 2020 begins to wind down, FinTech deals continue to roll in. Last week, Vennfi announced it had raised $2.3 million in funding. The seed round was led by former DCM Ventures partner Tom Blaisdell with participation from Teamworthy Ventures, Duro.vc, Sovereign's Capital, and Promus Ventures along with individual...