Basilic

We are addressing the challenge of financial exclusion by providing a solution that enables businesses and merchants to easily accept cryptocurrency payments. Financial exclusion affects millions globally, limiting access to banking services and hindering economic participation. Our solution facilitates seamless transactions, unlocking new economic opportunities for businesses and individuals alike, particularly in underserved communities."

Our solution, Basilic, is a user-friendly payment gateway that enables businesses to accept cryptocurrency payments effortlessly. It works by generating QR codes or wallet addresses associated with products/services, verifying transactions, and swiftly depositing the payment (minus a small fee) into the merchant's chosen wallet. Utilizing blockchain technology, Basilic ensures secure and seamless transactions, providing merchants with a low-cost, non-custodial payment solution. For a demonstration, please visit:

Our target population comprises small and medium-sized businesses (SMBs) and individuals who are currently underserved or excluded from traditional financial systems. These businesses and individuals face various challenges, including high transaction fees, limited access to banking services, and barriers to participating in financial markets. 

Firstly, Basilic aims to alleviate costs for merchants by providing a low-cost payment gateway for cryptocurrency transactions. Traditional payment methods often involve high transaction fees, especially for cross-border transactions, which can significantly impact the bottom line of SMBs. By offering a flat fee of just 1% per transaction, Basilic reduces the financial burden on merchants, allowing them to allocate more resources to other areas of their business, such as growth and expansion. This cost reduction promotes financial inclusion by enabling businesses of all sizes to participate in the digital economy.

Secondly, Basilic empowers individuals who are unbanked or underbanked by providing access to financial instruments through cryptocurrency payments. Many individuals around the world lack access to basic banking services due to various reasons, including geographical limitations, lack of documentation, and distrust in traditional financial institutions. By accepting cryptocurrency payments, merchants using Basilic open up new avenues for these individuals to participate in economic activities. Cryptocurrencies provide a decentralized and accessible alternative to traditional banking systems, allowing individuals to store, send, and receive funds without the need for a bank account. This increased financial inclusion not only benefits individuals by providing them with greater financial autonomy but also contributes to the overall economic growth of communities by stimulating economic activity.

Finally, Basilic serves as an inclusive solution for businesses of all sizes, including those with limited resources or technical expertise. Implementing traditional payment gateways often requires significant upfront costs, technical know-how, and ongoing maintenance fees. In contrast, Basilic offers a seamless and cost-effective solution that can be easily integrated into existing business processes without any upfront investment or ongoing maintenance costs. This zero-cost implementation model democratizes access to digital payment solutions, allowing businesses of all sizes to benefit from the advantages of cryptocurrency transactions. This democratization of access promotes entrepreneurship and innovation by removing financial barriers and enabling businesses to focus on their core operations.

In summary, Basilic directly addresses the needs of underserved populations by abating costs for merchants, enabling financial participation for the unbanked, and providing a no-cost implementation solution for businesses. By leveraging cryptocurrency technology, Basilic promotes financial inclusion, empowers individuals and businesses, and fosters economic growth and development in communities worldwide.

As a team, we are deeply embedded in the communities we serve, with firsthand experience and insights into the challenges faced by small businesses, individuals without access to traditional banking services, and entrepreneurs seeking inclusive financial solutions. Our proximity to these communities stems from our diverse backgrounds, which include firsthand experiences as merchants, individuals navigating financial inclusion challenges, and entrepreneurs striving to bridge the gap between traditional finance and emerging technologies.

Our Team Lead and members bring a wealth of knowledge and understanding gained from personal experiences and interactions within these communities. We have lived and worked alongside merchants, unbanked individuals, and entrepreneurs, allowing us to empathize with their needs, aspirations, and barriers to financial inclusion. Our team composition reflects the diversity of the communities we serve, ensuring that our solution is informed by a wide range of perspectives and experiences.

Throughout the design and implementation process of our solution, we have actively sought input, ideas, and feedback from community members. We have conducted extensive user research, engaged in meaningful conversations with stakeholders, and solicited feedback through focus groups and community workshops. This iterative and collaborative approach has allowed us to co-create a solution that truly addresses the needs and priorities of the communities we serve.

Moreover, our solution has been designed with inclusivity and accessibility in mind, with features and functionalities informed by the input and preferences of community members. We have prioritized simplicity, affordability, and user-friendliness to ensure that our solution is accessible to individuals with varying levels of technical expertise and financial literacy.

The app has been successfully developed and is operational. We are in the process of onboarding our first users and conducting regular follow-ups to ensure the success of the initiative

We are applying to Solve because we believe in their mission to connect Solver teams with partners who can help advance their solutions. While our primary goal is not solely to raise funds, we recognize that Solve's platform can provide valuable support in overcoming various barriers. Specifically, we hope Solve can help us address financial barriers by connecting us with potential investors or donors who align with our mission. Additionally, we seek technical and market expertise to enhance our solution's scalability and reach. Solve's network and resources can also assist in navigating legal and cultural considerations as we expand our solution's impact. Overall, we see Solve as a valuable platform for collaboration and support to propel our solution forward and drive meaningful change.