BitPay launches corporate crypto disbursements for workers and vendors

Atlanta-based bitcoin payment service provider BitPay has launched BitPay Send, which lets companies make crypto disbursements to pay employees, affiliates, customers, vendors, contractors, and others.

Why should we care?
BitPay pitches the product as a fast and secure way for cross-border and gig economy companies to make mass payouts. The company funds the payments in fiat currency and uses a blockchain network to send pre-tax payments without having to own or handle digital currency. This method, it says, eliminates inherent exposure to volatility or risk. Despite the appeal, there are tax reporting challenges and other logistical hurdles with crypto disbursements, and they still need to garner trust from a broader audience. It’s why many large corporations haven’t yet embraced them. BitPay says its partners prefer crypto disbursements because of the flexibility they offer. “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, president of AdGate Media, a BitPay client.