- US-based crypto payments firm, BitPay, just launched a new platform for non-crypto businesses.
- The platform, BitPay Send, allows businesses to pay their employees in crypto without having to buy it.
- Firms have foreign affiliates who would benefit from faster payments, but firms did not want to use crypto.
BitPay, a crypto payment service provider, recently launched a new platform based on blockchain technology. The platform, known as BitPay Send, was meant as a means of sending mass payments for businesses’ employees willing to accept payments in crypto.
A platform for businesses to pay workers in crypto
From what is known, BitPay Send will allow any organization to pay its workers in crypto without having to handle the coins on its own. This removes a major barrier, as fears of volatility and lack of crypto regulations are preventing many firms to start offering cryptocurrencies to their workers.
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According to BitPay, the new platform can be used for making complete payroll payments, process customer cashback, rewards, and similar programs, and even for paying affiliates and contractors.
The platform and its services are available in 225 countries of the world. However, in order to use it, all recipients must pass the KYC procedure. Naturally, they will also have to own a crypto wallet for the coins to go to.
In addition to all of the mentioned benefits, payments will be a lot faster, too. BitPay actually claims that workers could receive their salaries in crypto in a matter of minutes, instead of days, as they used to thus far.
BitPay Send already received its first users
Some companies have already adopted the service, such as AdGate Media — a well-known advertising platform — which is paying affiliates across the globe. With international payments now being faster than local ones, the firm will significantly reduce the waiting time for the recipients.
The new payment method will also be helpful to those who are underbanked or unbanked, billions of people around the world still do not have access to bank accounts. They can easily be paid in Bitcoin, and many of them are more than willing to give cryptocurrency a go.
However, the company did not want to buy and handle Bitcoin on its own. Now, this barrier is removed, as BitPay will handle all the work.