Blockchain payments company Basqet has announced the launch of its cryptocurrency payments gateway, allowing businesses to accept Bitcoin and other cryptocurrencies as payment.
Basqet said that it is launching a public beta and will go live with 118 businesses having signed up to accept Bitcoin and other cryptocurrencies as payment.
Basqet’s team also revealed that they have completed around $1.3 million in transactions with a handful of businesses prior to the beta launch.
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’s mainstream media debut, there has been a lot of talk about crypto as the evolution of money, and Basqet might push crypto acceptance forward by allowing consumers to use crypto to shop and pay for services rather than just speculate with it. The rapid price fluctuation that crypto is notorious for remains one of the greatest worries surrounding crypto payments.
According to Basqet, they tackle this problem by allowing retailers to accept cryptocurrencies as payment and have their accounts settled in US dollars, cryptocurrency, and over 5 other local African currencies without experiencing bitcoin volatility. So, regardless of the price volatility of crypto, if a merchant sells a product for $20, they will always receive the corresponding value in the currency they chose.
Basqet, a cryptocurrency payment gateway, is similar to Stripe in the United States, as well as Flutterwave and Paystack in Africa, but for crypto. They have the ability to allow freelancers, business owners, non-governmental organizations (NGOs), and fintech companies in over 120 countries to take various cryptos as gifts, payments, or deposits. They could also help reduce ordinary transaction rates by more than 60% while preventing chargebacks.
Merchants will be able to accept cryptos such as USDT, Bitcoin, Ethereum, and Litecoin for the beta launch, with several more to be introduced in the coming weeks, according to the Basqet team.
Merchants who register for Basqet’s beta launch will have three options for accepting cryptocurrency: a payment link, a payment button, and the Basqet API.
Basqet stated in its press announcement that businesses without a website can utilize the payment link to accept cryptocurrency payments. It takes only 10 minutes for a business to sign up, generate a payment link, and deliver it to their customers via WhatsApp, Instagram, or any other channel.