Since Bitcoin joined mainstream media there has been a lot of dialogue 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.
Basqet as we know is a fintech that is revolutionizing payments using blockchain technology. They provide African businesses with a cryptocurrency payment gateway that helps them to accept cryptocurrency payments and get settled in US Dollars and their local currency.
Lately, Basqet publicized the launch of its cryptocurrency payments gateway which will allow businesses to accept Bitcoin and other cryptocurrencies as payment.
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.
Bunmi Eleshin, Senior Product Manager at Basqet said that they are creating a nonexistent link between people who own cryptocurrency and businesses who want to take crypto as a means of payment. And they are doing it without merchants having to experience a loss due to crypto’s price volatility”.
One of the biggest concerns around crypto payments is the rapid price fluctuation that crypto is known for. Basqet, has resolved that merchants would be allowed 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.
Basqet is similar to other Cryptocurrency payment gateways like Stripe in the US as well as Flutterwave and Paystack in Africa. They have the potential of enabling freelancers, business owners, non-governmental organizations (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.
Basqet’s team 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.
There are 3 ways to accept crypto for merchants that signs up for Basqet’s beta launch;
- Payment link
- Payment button
- Basqet API.
Basqet has also said that without a website, businesses can use the payment link to accept crypto payments. 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.