Crypto payments provider BitPay has launched a mass payout platform for businesses.
With BitPay Send, firms can make mass payments across countries without owning, buying, or managing cryptocurrencies, and their recipients receive payments quicker and at a lower cost.
The platform would be available in 225 countries. It can be used to complete payroll payments, pay contractors, or process customer cashback and rewards programs. Recipients would need to pass KYC and have a crypto wallet.
“Sending global transactions via crypto is a big attraction for businesses,” BitPay CEO Stephen Pair said.
BitPay processed almost 100,000 transactions per month this year, with the majority of that being in Bitcoin.