Breet makes case for simpler crypto payments at Moonshot
Breet is making the case for simpler crypto payments, allowing businesses to accept digital assets and receive settlements in local currency, COO Vivian Mbene said at Moonshot by TechCabal.
Breet's COO, Vivian Mbene, emphasized at a recent Moonshot event in Lagos that simplifying cryptocurrency payments is just as important as creating the underlying infrastructure. The company's main challenge lies in presenting a complex product in a user-friendly manner, enabling businesses to accept digital assets without shouldering the operational burdens of managing them.
Established in 2019, Breet converts cryptocurrencies into cash for individuals in Nigeria and Ghana. It also provides an application programming interface (API) that enables businesses to accept crypto payments and receive settlements in local currency. In doing so, the company separates the payment method from the desired currency for merchants, allowing customers to pay with digital assets while businesses receive local money without needing to establish their own crypto operations.
Mbene stated that the company's primary goal is to minimize the effort required to complete a transaction. "We're just obsessed with simplicity," she noted. This approach involves handling a significant portion of the complexity behind the scenes, such as monitoring transactions, routing deposits, and converting currencies, without merchants needing to manage each step individually.
However, presenting the process as simple can lead to another challenge: instilling trust in customers and business partners. "Sometimes simplicity brings suspicion, and when it's powered by crypto, the suspicion kind of doubles," Mbene remarked. This highlights the dilemma faced by crypto payment providers. While a more streamlined interface can reduce the effort involved in using a service, it may not necessarily eliminate doubts about the technology behind it.
Breet's approach is to enable businesses to utilize crypto as a payment channel while still managing their finances in familiar currencies. For providers adopting this model, the commercial test is whether they can make accepting digital assets both straightforward and credible to merchants.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
