Basqet, the African blockchain payment startup company has announced the launch of its cryptocurrency payments gateway which will allow businesses to accept bitcoin (BTC), ethereum (ETH), tether (USDT), litecoin (LTC) and other cryptos as payment.

The crypto payment gateway already has 118 businesses signed up to it before it went live, as well as $1.3m (£0.99m) in transactions with a handful of businesses. 

The biggest concern with crypto payments

The biggest issue surrounding crypto payments is the rapid price fluctuations digital assets are known for. Basqet state they resolve this issue by allowing merchants to accept crypto as payment but settling transactions in US dollars, over five local African currencies or cryptos.

This means that when a merchant is selling a product for $20 (£15) they receive the equivalent value in the currency they choose regardless of crypto’s price volatility.

Also, as Basqet offers zero chargebacks the company could potentially cut regular transaction fees by over 60%.

Accept cryptos even without a website

Basqet revealed that even without a website, businesses can still use the payment link to accept crypto. The company details that it only takes 10 minutes to sign up, generate a payment link and send it via WhatsApp, Instagram or any other channels.    

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."

Basqet believes “since BTC 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.”

Further reading

Binance sponsors Africa Cup of Nations football tournament

What can you buy with cryptocurrency? A guide