Basqet, an African blockchain payments startup, has announced the debut of its cryptocurrency payments gateway, allowing companies to accept Bitcoin and other cryptocurrencies as payment. Basqet stated that it will launch a public test and go live with 118 businesses who have signed up to begin taking Bitcoin and other cryptocurrencies.
Prior to the beta launch, the Basqet team reported that they had completed around $1.3 million in transactions with a small number of enterprises.
Bunmi Eleshin, Senior Product Manager at Basqet, remarked that Basqet is bridging the gap between consumers who own cryptocurrencies and companies who wish to accept cryptocurrency as payment. Since Bitcoin entered the mainstream media, there has been a lot of debate about whether crypto is the evolution of money, and Basqet might accelerate crypto acceptance by allowing users to use crypto to purchase and pay for services in addition to speculating.
One of the most serious issues with crypto payments is that cryptocurrencies are often volatile due to constant price fluctuations. According to Basqet, they address this by allowing shops to accept cryptocurrencies as payment and be settled in US dollars, cryptocurrency, and over 5 other local African currencies without experiencing cryptocurrency volatility. So, if a merchant sells a product for $20, they will always receive an equal value in the currency of their choice, regardless of the price of crypto.
Cryptocurrency payment gateways such as Basqet are 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, company owners, non-governmental organisations (NGOs), and fintech companies to accept various cryptos as gifts, payments, or deposits in over 120 countries. They might also help reduce ordinary transaction fees by more than 60% with no chargebacks.
Basqet’s team also stated that for its beta launch, merchants will be able to accept cryptos such as USDT, Bitcoin, Ethereum, and Litecoin, with several more to be added in the coming weeks. Merchants who have signed up for Basqet’s beta launch will have 3 ways to accept crypto; payment link, payment button, and Basqet API.
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