African Crypto Startup, Basqet Launches Payment Gateway to enable Businesses Accept Bitcoin
Goes live with 118 businesses and $1.3 million in transaction volume.
Basqet said it is launching a public beta and will be going live with 118 businesses already signed up to start accepting payments in Bitcoin and several other cryptocurrencies.
Prior to the launch of its beta launch, the team at Basqet also revealed that they had done about $1.3 million dollars in transactions with a handful of businesses.
According to Bunmi Eleshin, Senior Product Manager at Basqet, "We are creating a missing link between people who hold cryptocurrency and businesses who want to accept crypto as a means of payment. And we are doing it without merchants having to experience a loss due to crypto's price volatility."
Since Bitcoin entered mainstream media there has been a lot of discussion about crypto being the evolution of money, and Basqet could take crypto adoption steps ahead as people will be able to shop and pay for services using crypto besides using it for speculation.
Although one of the biggest concerns around crypto payments is the rapid price fluctuation that crypto is known for. According to Basqet, they resolve this is by allowing merchants to accept crypto as payment and get settled in US dollars, crypto, and over 5 other local African currencies without experiencing any volatility from cryptocurrency. So when a merchant is selling a product for $20 they will always receive the equivalent value in the currency they choose regardless of crypto's price volatility.
Cryptocurrency payment gateways like Basqet are similar to the likes of Stripe in the US as well as Flutterwave and Paystack in Africa but for crypto. They have the potential of enabling freelancers, business owners, non-governmental organisations (NGOs) and fintech to accept different cryptos as donations, payments or deposits in over 120 countries. Also, they could help cut regular transaction fees by more than 60% with zero chargebacks.
The team at Basqet also stated that for its beta-launch merchants will be able to accept cryptos including; USDT, Bitcoin, Ethereum and Litecoin with several more to be added over the next few weeks.
Merchants that sign up for Basqet's beta launch will have 3 ways to accept crypto; payment link, payment button, and Basqet API.
In its press release, Basqet mentioned that without a website businesses can use the payment link to accept crypto payment. Adding that it only takes 10 minutes for a business to sign up generate a payment link and send it via WhatsApp, Instagram or any other channel to their customer.