BitPay that is popularly known as a service provider for cryptocurrency payments has made a promising announcement for businesses. The crypto-payments service provider has launched a BitPay Send platform that is backed by a new blockchain.
The purpose of this newly launched service is to act as a mass payment payout platform for businesses. During the announcement, the executives from BitPay revealed the use of BitPay send for businesses.
The executives clarified that the BitPay Send has been launched for businesses that are unwilling to handle or own cryptocurrencies on their own. Instead, they will have BitPay Send processing the crypto-payouts in masses for them.
The BitPay Send platform has been designed to perform any kind of crypto-payouts. The payout services include paying contractors or affiliates, processing customer cashback, payroll payments, and even reward programs.
The BitPay Send platform is currently available for the majority of the countries around the world. The BitPay Send platform strongly emphasizes on the eradication of money laundering or any terrorist activities.
Keep the above in mind, the BitPay Send platform requires the recipients of the payments to be compliant. The recipients are required to reveal their identity as per the Know-Your-Customer (KYC) policy.
Furthermore, the recipients are also required to own crypto-wallets in order to receive the crypto-payments.
The payments’ firm ‘BitPay’ has claimed that with the introduction of BitPay Send, the payment processing time will be reduced from days to a matter of minutes.
Recently, an advertising platform known as AdGate Media confirmed the BitPay Send reports. The media group announced that it has acquired the BitPay Send services from BitPay. With this, the firm plans to pay their affiliates from the around the world in cryptocurrencies.
The president of AdGate Media ‘Dan Sapozhnikov’ recently released a public statement confirming the reports. He clarified why their company has decided to adopt the BitPay Send platform. As per Dan, most of their affiliates are located outside Europe and North America.
This makes it extremely difficult for them to process payouts in their local banks. However, the crypto-platform offers a unified solution, which is why they have decided to go with BitPay.
More Stories
Coinbase Files A Petition To The SEC, Argues That Staking Should Not Be Classified As Securities
Celsius’ Adviser And Lawyer Fees Set To Hit $144M, Community Reacts
Taiwan’s FSC Set To Become Main Crypto Regulatory Watchdog