Avnet Now Takes Cash or Crypto

Published On: April 1, 2019Categories: Buzz, Uncategorized

Avnet has kicked off an alliance with BitPay through which the Phoenix-based distributor will begin accepting payments in Bitcoin from allied channel partners. When a customer elects to make a purchase with Bitcoin (BTC) or Bitcoin Cash (BCH), Avnet will work with BitPay to verify the funds, process the order and complete the transaction. Avnet and BitPay will also have the ability to manage and process cryptocurrency requests outside the U.S. on a country-by-country basis.

“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing,” said Sonny Singh, chief commercial officer at BitPay. “I predict Avnet will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”

Avnet has already closed several multi-million-dollar cryptocurrency transactions within the first month. The distributor is also working with Bitcoin.com to develop a new hardware wallet that will further enable cryptocurrency storage and provide the highest level of security for transactions.

Founded in 2011, BitPay processes more than $1 billion annually from thousands of merchants and B2B customers globally. The company has offices in North America, Europe, and South America and has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth.

Channel Impact®
This new digital payment option adds flexibility for customers acquiring new technology. It also increases the profile and legitimacy of Bitcoin and cryptocurrency in general.

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