Distribution house Avnet Inc. is working with BitPay to accept cryptocurrency for its electronics products and services, adding the digital payment option while securing transactions through blockchain.
Whether customers pay with bitcoin or bitcoin cash, Avnet will verify the funds, process the order and complete the transaction through BitPay. Already, Avnet has closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin.
Avnet said by accepting bitcoin, it is creating a new flexible payment option to allow designers and makers to get ideas to market faster and giving them easier access to Avnet’s end-to-end ecosystem of design, product, marketing and supply chain for the product lifecycle. The payment option will be applicable for all of Avnet including Farnell, Newark and Element14 as well as Hackster.io, Dragon Innovation and Softweb.
Avnet said it will have the ability to manage and process cryptocurrency requests outside the U.S. on a country-by-country basis.
“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. Whether it’s Bitcoin or Bitcoin Cash, we can handle it,” said Sunny Trinh, vice president of demand creation at Avnet.