BitPay Facilitates Bulk payment of Cryptos by Enterprises

BitPay Facilitates Bulk payment of Cryptos by Enterprises
November 17, 2020


The cryptocurrency market remains bullish, with Bitcoin (BTC) hovering around the $16,500 level. Ethereum (ETH) has gained 3.6% to trade at $465.61. XRP has gained 8.4% to trade at $0.2923.

Other major altcoins, which have rallied in the past 24 hours are ChainLink (LINK-$12.80, 5.5%), Dash (DASH-$82.19, 8.4%), Tezos (XTZ-$2.10, 4.6%), Cosmos (ATOM, $5.15, 3.17%), Tether (USDT-$1, 0.1%), Bitcoin Cash (BCH-$252.72, 7.1%), Binance Coin (BNB-$28.18, 2.1%), Polkadot (DOT-$4.62, 5.8%), Litecoin (LTC-$74.40, 14.4%), Cardano (ADA-$0.1057, 5.2%), Bitcoin SV (BSV-$159.88, 4%), EOS (EOS-$2.62, 4.7%), Monero (XMR-$119.73, 4.4%), Huobi (HT-$3.57, -1.2%), IOTA (IOTA-$0.2561, 2.1%), Stellar (XLM-$0.0840, 5.2%) and Tron (TRX-$0.0258, 2.4%). Major altcoins which have lost value in the past 24 hours include OKB (OKB-$4.63, -0.5%).


Government level initiatives

Blockchain electric vehicle charging platform receives funding of $1 million

A three-year trial program involving a unique blockchain-powered electric vehicle charging platform has garnered funding to the tune of $1 million from Natural Resources Canada, a government-owned entity. The program guarantees to minimize the charges related to the electric vehicle charging process and improve power grid ability.

The trial will be conducted at two of the office buildings in downtown Toronto, with SWTCH Energy, an electric vehicle charging facility provider, and Opus One Solutions, an intelligent energy management software provider, taking the lead.

The platform paves the way for charging a vehicle overnight at cheap rates and then route the excess power to a building at peak hours during the day. The owners of these vehicles are then paid competitive rates for the power they offer, with the blockchain-based platform storing details regarding transactions using an automated ledger.

SWTCH CEO Carter Li highlighted the benefits of the platform: “You are going to have an abundance of battery reserve storage that’s just sitting there — most people only drive their vehicles 10% of the time. You use these [electric vehicles] to reduce peak energy demand.”


Private sector initiatives

BitPay launches BitPay Send

BitPay, which provides cryptocurrency payment services, has introduced BitPay Send, a unique blockchain technology-based bulk payment platform for enterprises. BitPay is a US-headquartered enterprise established in 2011. It handled about 100,000 transactions per month this year, with Bitcoin-based transactions taking the major share.

BitPay Send can be utilized to finish payroll payments, settle contractors or associates, and execute cashback and reward programs. The platform can be accessed in 225 countries. However, recipients of payments need to undergo a KYC (Know Your Customer) process and be in possession of a crypto wallet.

BitPay has asserted that the payment platform reduces processing time from days to minutes.

The service is now being used by advertising platform AdGate Media to pay their associates across the globe. AdGate president Dan Sapozhnikov pointed out that several associates are situated outside of Europe and North America, where there might be issues in having a bank account. So, they will prefer to get paid in Bitcoin.

However, BitPay clarified that it does not invest or hold Bitcoin or any other cryptocurrency. “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.”

BitPay CEO Stephen Pair pointed out that the ease of completing international remittance using cryptocurrency remains a center of attraction. “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.”


Vaiot embeds IBMs Watson Assistant to improve car insurance sales

Vaiot, a Malta-based tech firm offering virtual assistant services, has embedded IBM’s Watson Assistant on Cosmos blockchain to improve car insurance sales. In September, Vaiot received $5.90 million through a private offering, which involved the sale of 30% (120,000,000) of its VAI tokens to investors.

Surgowt detailed that the funds will be utilized to assist “deliver a product that can transform how businesses conduct their processes,” with the company concentrating on utilizing blockchain to assist in legal procedures.

In October, Vaiot became the first firm to receive an endorsement from the Malta Financial Services Authority (MFSA) to offer the regulated crypto, VAI token. The firm also intends to hold a conduct a public offering of 2% (8,000,000) of aggregate token supply sometime this year.

The platform introduced by Vaiot facilitates the completion of all formalities to issue insurance without any human intervention. The mobile app communicates with clients via text and voice. To begin with, the app poses a series of queries to pinpoint and recommend suitable insurance policies.

The insurance contract taken up by a client is saved on the Cosmos SDK as a smart contract, powered by the Tendermint covenant. The AI tracks the contract and automatically activates the insurance cover soon after the payment is made.

Regarding the platform, Christoph Surgowt, Vaiot’s CEO said: “The opportunities that come with AI on cloud and blockchain technologies allow companies from the insurance and InsurTech sectors to digitize and improve their current processes, and we are confident our solutions will jumpstart this transformation.”


Albany International joins hands with GE

Albany International Airport at New York is partnering with GE (General Electric) to digitize the airport’s functioning to ensure an improvement in air travel safety. Albany International Airport has begun utilizing GE Aviation’s blockchain technology-based Wellness Trace App to monitor enforcement of COVID-19 cleaning guidelines. The eventual objective is to ensure travelers’ safety while offering invaluable information about the cleanliness of the surroundings.

The app rolled out by GE in the final week of June, in collaboration with TE-FOOD and Eurofins, offers a platform for airports and airlines to monitor the COVID-19 screening process for employees and passengers, and establish guidelines for monitoring the cleanup of airports. Notably, Albany Airport is the first client with the foremost focus on airport cleaning measures.

Wellness Trace aims to adopt its app by the public in the same manner as Yelp and Waze. Users will be able to post their feedback or even identify disinfected locations in and around the airport (restaurants/ toilets). The airport has begun a three-month trial in which its employees will utilize the app to track whether disinfecting protocols are adequately followed. For users to become aware of the cleanliness situation, over 45 QR codes are provided at various locations in the airport.

Albany County official Daniel McCoy said, “Being able to scan a QR code and know the last time that surface at the airport was cleaned may alleviate some of the stress and uncertainty people are feeling as they venture out and bring back a sense of confidence.¨

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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