Fun

Bitpay Launches New Payroll Service for Companies That Opt to Pay Employees in Crypto

News Feed - 2020-11-14 02:11:49

Bitpay Launches New Payroll Service for Companies That Opt to Pay Employees in Crypto


The Atlanta-based cryptocurrency payment processing company Bitpay is now getting involved with payroll services. The firm announced the launch of Bitpay Send, a mass payout service that enables organizations of all sizes to pay employees, affiliates, and freelance contractors.


Bitcoin and cryptocurrency payment services provider Bitpay has announced the launch of a new product called Bitpay Send. The new platform is called a mass payout service and it aims to help employers and other types of organizations pay workers in crypto.


In addition to the Bitpay Send launch, the firm also detailed that the company Adgate Media now leverages the mass payout system. Adgate connects with digital advertiser affiliates that reward users for engagement.


“We have lots of affiliates who wanted to be paid in bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult,” said Dan Sapozhnikov Adgate‘s President. “One of our biggest challenges is that we did not want to buy and hold crypto and having Bitpay manage that risk was an important factor in choosing Bitpay Send,” he added.


Sapozhnikov further said: With Bitpay Send, we are able to get our affiliates paid in a matter of minutes and not days.


Bitpay’s service will compete with companies like Bitwage, a firm that also offers infrastructure to pay a company’s employees with digital assets like BTC, and BCH. In order to leverage the new Bitpay Send, users don’t need a bank account to leverage the platform.


However, Bitpay Send users will need access to a crypto asset wallet and have a Bitpay ID. The company announcement says the firm will charge a 1% fee for processing cross-border payments.


“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” said Stephen Pair, CEO of Bitpay. “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,” the executive added.



Bitpay’s system allows for payments in BTC, BCH, ETH, XRP, and a few stablecoin assets as well. The Bitpay Send announcement also states that “Customers provide all necessary background details for Know-Your-Customer regulations.”


“Bitpay Send enables companies to make payroll payments, facilitate customer cashout requests, pay independent contractors or affiliates, issue rewards or rebates and financially settle with marketplace sellers,” the firm’s product launch statements conclude. “The company funds payments in fiat and leverages the blockchain to send pre-tax payments without having to own or handle digital currency, eliminating inherent exposure to its volatility or risk.”


What do you think about Bitpay offering payroll services for companies who want to pay in crypto assets? Let us know what you think about this subject in the comments section below. Hackers Drain $2 Million in DAI From Defi Protocol Akropolis NEWS | 10 hours ago Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments NEWS | 1 day ago Tags in this story 1% fee, Adgate Media, Atlanta, BCH, Bitcoin, BitPay, Bitpay ID, Bitpay Send, bitwage, BTC, companies, crypto assets, crypto wallet, Dan Sapozhnikov, Digital Currency Payments, Employees, employers, ETH, Payroll, Stablecoins, Stephen Pair, XRP


Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitpay Send, Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Struggles Below ATH After Weeks Of Failed Attempts – $109K Level In Focus
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin analysis warns BTC price liquidations will start below $64K
William Suberg8 hours agoBitcoin analysis warns BTC price liquidations will start below $64KBTC price losses mount as $66,000 struggles to function as support, increasing the danger of Bitcoin long liquidations.6675 Tota
CryptoAltum Launches Zero Fee ‘CryptoConvert’ and Lists Doge and Shiba on MT5
CryptoAltum Launches Zero Fee "CryptoConvert" and Lists Doge and Shiba on MT5 press release PRESS RELEASE. When it comes to the cryptocurrency industry, it is absolutely vital to be
William Suberg21 minutes agoBitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — researchBitcoin has delivered gains that "set the foundation for a resumption of the 2023 uptrend," says the lat
World’s largest pension fund explores diversifying into Bitcoin
Helen Partz1 hour agoWorld’s largest pension fund explores diversifying into BitcoinJapan’s Government Pension Investment Fund, the largest pension fund in the world, is willing to learn more about Bitcoin as a poten
WATCH: Tongtong Gong of Amberdata Talks About Gender in Crypto
Tongtong Gong, COO of crypto analytics firm Amberdata, shared what it feels like to be a woman in tech and why she chose to become a programmer. “I moved to the U.S. and wh
Indian enforcement agency collaborates with Binance to bust scam app
Prashant Jha16 minutes agoIndian enforcement agency collaborates with Binance to bust scam appThe law enforcement agency managed to track the funds linked to the E-Nugget scam app to different crypto exchanges and, with
Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
Este artículo también está disponible en español. In a recent statement, the US Securities and Exchange Commission (SEC) provided insights into the classification of meme
Crypto funds see $110M in Bitcoin outflows as BTC price drops and investors risk off
Nancy Lubale4 hours agoCrypto funds see $110M in Bitcoin outflows as BTC price drops and investors risk offLast week, $110 million was withdrawn from Bitcoin investment products as investors risked off in the face of mou
Popular BTM Operator: Bitcoin of America Continues Rapid Expansion in 2022
Popular BTM Operator: Bitcoin of America Continues Rapid Expansion in 2022 sponsored Bitcoin of America is a popular virtual currency exchange, registered as a money services busine
Dechat accidentally shares ‘honeypot’ scam link in token announcement
Zoltan Vardai11 hours agoDechat accidentally shares ‘honeypot’ scam link in token announcementThe initial post was rapidly amended following ZachXBT’s discovery.748 Total views3 Total sharesListen to article 0:00Ne
Bitcoin Dominance To Peak At 68% – Altcoin Season Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu