One of the world’s largest distributors of electronic components and services, Avnet has turned cryptocurrency friendly and will be accepting cryptocurrency payments. Avnet will accept payments through a partnership with blockchain payments processor BitPay.
The Fortune 500 firm announced the news on Tuesday and stated that its consumer could pay for products and services in bitcoin (BTC) and bitcoin cash (BCH). The payments will be processed and verified by BitPay. Sunny Trinh, Avnet’s Vice president of demand creation stated:
“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.”
In partnership with @BitPay, we're now accepting cryptocurrency! It's as easy as verifying funds, processing an order and completing a transaction. Find out how you can now pay in @Bitcoin. #AvnetReachFurther https://t.co/S2wv0xqjWv pic.twitter.com/XOf6ta2gIP
— Avnet (@Avnet) March 19, 2019
The announcement further stated that cryptocurrency payments can reduce the “time, cost and complexities of bringing products to market.” Avnet added that within the first month of accepting cryptocurrency payments, it has already closed “several multi-million-dollar” cryptocurrency transactions.
Avnet now becomes the third largest technology company in the U.S, behind only to Microsoft and Dell to accept bitcoin payments, a spokesperson for Avnet stated. BitPay’s chief commercial officer, Sonny Singh, said:
“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.”
Notably, Avnet is working along withto develop a new hardware wallet that will enable cryptocurrency storage and provide the “highest level of security” for transactions, according to the announcement. As per an announcement of BitPay in January, the firm has processed over $1 billion-worth of cryptocurrency transactions in 2018 for the second year in a row.
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