Through BitPay partnership, Avnet now accepts blockchain-verified cryptocurrency payments for goods and services
Phoenix-based distributor Avnet is stepping into the world of cryptocurrency by working with BitPay, a blockchain payment provider, to accept digital cash for IT products and services.
The Lowdown: Through BitPay, one of the largest processors of blockchain-based cryptocurrency payments, Avnet is giving customers the ability to use digital currency such as Bitcoin to pay for their IT investments and support.
The Details: When customers elect to pay with a cryptocurrency, BitPay will process the transaction, verify the funds through the blockchain ledger, and validate the order to completion. The payment service is global, but transactions are available only in certain countries outside the United States.
The Impact: Avnet says the cryptocurrency payment option is already paying off; in its first month accepting bitcoin, the company has already closed several multimillion-dollar transactions.
Background: Many vendors — most notably, Dell and IBM — have been accepting bitcoin for product purchases for several years now. But cryptocurrency for payments has largely been a B2C payment mechanism. Increasingly, businesses around the world are using bitcoin to pay for purchases, including technology goods and services. BitPay says it processes more than $1 billion in B2B cryptocurrency transactions annually.
The Buzz: “We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them,” said Sunny Trinh, vice president of demand creation at Avnet. “Whether it’s bitcoin or bitcoin cash, we can handle it.”
“As one of the largest global technology solution providers on the Fortune 500 list, Avnet is truly an innovative company that listens to the needs of their customers, as demonstrated by their decision to accept bitcoin payments,” said Sonny Singh, chief commercial officer at BitPay. “Not only is paying with bitcoin easier and faster than with credit cards and bank wires,