BitPay Hires Former Western Union, PayPal Exec to Lead Business Solutions
The US-based crypto payments service provider hired a former Western Union and PayPal executive as its new head of Business Solutions.
Crypto payment processor BitPay announced on Wednesday that it hired Rolf Haag to lead its Business Solutions department. Haag will be tasked with managing the company’s business-to-business (B2B) and Mass Payments units. Previously, Haag worked for financial services giants like Western Union and PayPal, and has accumulated about 20 years of experience in the fintech industry.
At Western Union, Haag held the position of director of Global Mass Payments, and was responsible for developing a global mass payments model and its underlying system. The main tasks were related to defining the B2B and B2C mass payments strategies.
Before Western Union, BitPay’s new executive held several positions at payment services firm PayPal, where he owned the company’s Mass Payment engine. Under his leadership, PayPal Mass Payments increased 20-40% each year, generating a payment volume of billions of US dollars.
BitPay co-founder and CEO Stephen Pair commented:
“BitPay’s B2B payments solution is our fastest growing product and just had its highest sales month ever in October. Rolf’s background is an asset to BitPay and will help us accelerate the success of our B2B and Mass Payments businesses globally.”
BitPay’s new head of Business Solutions said:
“I see striking similarities in early PayPal adoption and BitPay adoption especially among businesses paying their global suppliers. Bitcoin is groundbreaking for global B2B and Mass Payments because it's cheaper, quicker and more transparent than bank wires or PayPal.”
“BitPay compliantly delivers these benefits while eliminating Bitcoin price risk. I’m beyond excited to bring these benefits to businesses around the world,” Haag added.
BitPay’s crypto payments solution is used by global companies and organizations, as it’s cheaper and faster than bank wire transactions. According to BitPay, the invoices usually range between $50,000 and $5 million, being settled the next business day for a 1% fee. Customers can use BitPay to pay with Bitcoin, Bitcoin Cash, USDC, and GUSD, with the latter two being added last month.