Welcome back to the Tribe! In this post we dive into Basqet’s new cryptocurrency payment gateway!

Nothing should be considered investment or financial advice. Enjoy the ride!

Cryptocurrency Payment Gateway

Recently, blockchain payments startup Basqet announced the launch of its cryptocurrency payment 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.

Creating a Link

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 said: 

“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.

Addressing Risks

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 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.

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.

About Basqet

Basqet is a fintech that is revolutionizing payments using blockchain technology.

They provide African businesses with a cryptocurrency payment gateway that enables them to accept cryptocurrency payments and get settled in US Dollars and their local currency.

Crypto Payment Gateway

Although, Basqet is only one of the many crypto payment gateways in the game. There are many more that you can look into if this is a service your business requires.

Payment gateways are extremely important, because they secure, send, and bring back vital payment information for clients! Therefore, it is extremely important that businesses are able to find one that can be trusted and relied on daily.

For those reasons, here are two crypto payment gateways that businesses can look into if Basqet is not the right fit for you! These are businesses that we have actually met in person and have working relationships with. Not to mention we know the actual people behind each of these companies to give them even more credibility.

Bitpay

Bitpay is based on the East coast of the U.S. It has a proven track record working with hundreds of businesses for all sorts of needs ranging from payment gateways, to simple plug and play payment systems.

We suggest new companies looking for a payment solution email them explaining your needs, and see if they have a solution already built out for you!

CryptoChill

CryptoChill is based in the EU, but has a global team. It again has a proven track record working with hundreds of businesses internationally which includes exchanges, high volume platforms, and selective businesses.

A key thing about CryptoChill is that they accept tons of digital assets as payment. While other platforms might only accept Bitcoin or Ethereum, CryptoChill accepts over 10 different currencies on their base system. In addition, the owner is very nice and always looking to find a deal that fits the needs of the client.

Cryptocurrency Payment Gateway Post

Thanks for reading our post on the Basqet launch of their cryptocurrency payment gateway.

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