Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service
With the launch, BitPay now provides an alternative to crypto payroll services such as BitWage.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SJJECXRGBFGDHLFEJ2MCCXBUP4.jpg)
BitPay CEO Stephen Pair
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Payments provider BitPay has launched a new service enabling businesses to pay employees, contractors, customers and vendors en masse with cryptocurrency.
- Announced Friday, BitPay Send is a payout service with a focus on international and gig-economy companies looking to pay multiple recipients online simultaneously.
- “Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” said BitPay CEO Stephen Pair.
- With the new service, companies don't need to buy, own or manage cryptocurrency, while the recipients receive payment more efficiently and at a reduced cost, Pair added.
- BitPay Send lets companies perform a variety of payment functions including payroll, customer cash-out requests, contractor payments, reward issuance and settlements with marketplace sellers.
- Recipients need to have a BitPay ID and cryptocurrency wallet in order to receive payment and companies are charged a 1% fee. There are no foreign exchange fees.
- With the launch, BitPay now provides an alternative to crypto payroll services such as BitWage.
- BitPay launched in 2013 with a focus on enabling businesses to accept payment in bitcoin and has raised $72.5 million to date in investment, according to Crunchbase.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.