BitPay launches mass crypto payments for businesses

BitPay Send allows businesses to issue mass crypto payments around the world without having to hold any crypto themselves.

Crypto payment services provider BitPay has launched BitPay Send, a new blockchain-powered mass payout platform for businesses.

BitPay Send allows organizations who do not want to handle or own crypto themselves to process crypto payments en masse.

It can be used to complete payroll payments, pay contractors or affiliates, or process customer cashback and rewards programs.

Available in 225 countries recipients ju need to pass KYC and have a crypto wallet.

BitPay claims the platform cuts processing times from days to minutes.

"Having BitPay manage that risk was an important factor in choosing BitPay Send. With BitPay Send, we are able to get our affiliates paid in a matter of minutes and not days."

"Traditional international payment methods are cumbersome, costly, and slow. 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."

BitPay is a U.S. based company that launched in 2011.

The firm is backed by multiple investment firms including Founders Fund, Virgin Group, Index Ventures, and Aquiline Technology Growth, having raised more than $70 million in funding.