BitPay launches mass cryptocurrency-payout service for businesses

The cryptocurrency processing service BitPay has launched the BitPay Send payments platform for corporate clients. The solution enables mass payouts in cryptocurrency, according to Business Wire.

BitPay Send is suitable for payments to contractors, payroll payments, or loyalty program bonuses. The company noted that every transaction is verified, recorded, and stored on the blockchain.

The service is available in 225 countries. Recipients need to obtain a BitPay ID and set up a cryptocurrency wallet. A 1% fee is charged for transfers.

BitPay chief executive Stephen Pair described the simplicity of sending global transfers via cryptocurrency as a major advantage for business. He said that companies do not need to buy, hold, or manage digital assets.

Earlier the processing service added support for SegWit for Bitcoin wallets. This came three years after a controversial statement preceding the protocol’s activation.

Back in November 2019, more than 90% of BitPay’s crypto payments processed were in Bitcoin.

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