Basqet unveils crypto payment gateway, to go live with 118 businesses

Basqet unveils crypto payment gateway, to go live with 118 businesses

Nigeria-based blockchain payments startup, Basqet, has reportedly announced the launch of its cryptocurrency payments gateway, with which businesses will be able to accept Bitcoin and other crypto payments.

The firm stated that it has launched a public beta, and will go live with 118 businesses that have already signed up with it to accept payments in various cryptocurrencies.

Basqet also disclosed that prior to the beta launch, it has already done transactions worth around $1.3 million with a few businesses.

Bunmi Eleshin, Senior Product Manager, Basqet, stated that the firm is creating the missing link between cryptocurrency holders and businesses that want to accept crypto payments, adding that it is doing so without having merchants experience a loss due to the volatility in crypto’s price.

While Bitcoin has entered mainstream media, the biggest concern of accepting crypto payments is the rapid price fluctuation. Basqet claims to have resolved the issue by enabling merchants to accept crypto payment and get it settled in US dollars or any of the 5 local African currencies, without having to experience any volatility.

This means that when a merchant sells something for $20, they will receive the equivalent value in whatever currency they choose regardless of cryptocurrency’s price volatility.

With crypto payment gateways, freelancers, fintech, non-governmental organizations (NGOs), as well as business owners can accept various cryptocurrencies as payments, deposits, or donations, in more than 120 countries. Additionally, they can help attain a 60% cut in regular transaction fees with zero chargebacks.

Basqet stated that with its beta-launch, merchants and businesses will be allowed to accept cryptos such as Bitcoin, Litecoin, Ethereum, and USDT, adding that its team will add many more in the course of the coming few weeks. Businesses will be able to accept payments in three ways; Basquet API, payment button, and payment link.

In its press release, the startup has mentioned that businesses without a website can accept payment with the help of a payment link, and that it can be sent to their customers via any channel, including Instagram and WhatsApp.

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