Newegg forms partnership with VC-backed BitPay to accept bitcoins

Electronics retailer Newegg has formed a partnership with BitPay to accept bitcoin payments on Newegg.com. In May, BitPay announced it had secured $30 million in Series A funding from Index Ventures, Horizon Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, Sir Richard Branson and AME Cloud Ventures. BitPay’s total capital raised at the time was $32.7 million.

Press Release

Newegg, the leading electronics e-retailer in North America, today announced a partnership with BitPay to accept bitcoin payments on Newegg.com (#NeweggBitcoin). The company’s more than 25 million registered customers can now pay for more than 10.5 million products including electronics, computers, game consoles and household items using bitcoin through BitPay. Newegg’s acceptance of bitcoin payments adds yet another convenient and secure way for its customers to fulfill their e-shopping needs.

“Newegg’s customers are among some of the earliest bitcoin miners and are enthusiastic proponents of the crypto-currency. Adopting bitcoin as a payment method is another way we’re responding to our customers’ diverse needs,” said Soren Mills, Chief Marketing Officer for Newegg North America. “Working with BitPay to implement a bitcoin payment option at Newegg was a seamless process and our partnership gives us the capabilities we require for high-volume e-commerce.”

Newegg chose BitPay because of the company’s industry-leading reliability and scalability. With BitPay’s platform, Newegg can accept bitcoin payments and also handle refunds and payment exceptions with the most powerful bitcoin API in the industry. BitPay’s singular focus on building enterprise-grade merchant tools helped the company achieve 99.99% uptime – unrivaled reliability in the industry.

“Our mission is to make bitcoin every merchant’s favorite form of payment. Forward-thinking merchants like Newegg allow bitcoin enthusiasts from around the world to shop with ease,” said Tony Gallippi, BitPay’s Co-founder and Executive Chairman. “Newegg has been the most requested retailer from the bitcoin community and our collaboration will serve this pent-up demand.”

BitPay now serves more than 35,000 merchants and has raised over $32 million in venture capital funding. The company plans to hire 70 new employees this year to continue developing its product and adding more merchants. BitPay’s partnership with Newegg is yet another example of how the company is partnering with leading vendors to bring bitcoin into mass acceptance.

When completing an order on Newegg.com, customers can now select “Bitcoin” from the list of available payment methods during stage two of the order process. Orders processed using BitPay can be completed using the following options:

If the customer has digital wallet software installed, that customer can complete an order by clicking the “Pay with Bitcoin” button.
If the customer’s digital wallet is stored in a smartphone, a QR code can be scanned on the Bitcoin Payment page to complete the transaction.
If the customer’s digital wallet is hosted on the web, the customer clicks the “View Address” link to display the digital wallet address and send the bitcoin amount due.
Newegg customers will be able to execute bitcoin transactions beginning today. For more information about Newegg’s acceptance of bitcoin, visit http://www.newegg.com/bitcoin.

About Newegg Inc.

Newegg Inc. is the leading electronics-focused e-retailer in the United States. It owns and operates Newegg.com (www.newegg.com) which was founded in 2001 and regularly earns industry-leading customer service ratings. The award-winning website has more than 25 million registered users and offers customers a comprehensive selection of the latest consumer electronics products, detailed product descriptions and images, as well as how-to information and customer reviews. Using the site’s online tech community, customers have the opportunity to interact with other computer, gaming and consumer electronics enthusiasts. Newegg Inc. is headquartered in City of Industry, California. The Newegg Hybrid Center is located at 18045 Rowland St., City of Industry, CA 91748.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B and enterprise solutions for the Bitcoin digital currency.

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