Shame the Bears? Avnet Now Accepts Cryptocurrency

Avnet, a leading global technology firm and Fortune 500 company said in a March 19 press release that is has partnered with crypto payments processor, Bitpay to allow their customers use cryptocurrency to pay for products and services.

Following the announcement, Avnet clients who are mainly developers taking their product to market can choose to use Bitcoin (BTC) or Bitcoin Cash (BCH) as a payment method.

Explaining how the process work, Avnet mentions that when a customer opts to make payments in cryptocurrency, Avnet will work with BitPay to verify the funds, process the funds and complete the transaction. The use of cryptocurrency will allow Avnet to seamlessly collect payments from their non-US clients, the release notes.

Sharing his thoughts on the new development, Sunny Trinh, vice president of demand creation, Avnet said,

“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.”

BitPay Chief Commercial Officer, Sonny Singh also expressed delight about Avnet’s decision to offer clients the opportunity to pay in cryptocurrency and defined it as evidence that the firm “listens to the needs of their customers.”

Singh further explained why accepting Bitcoin payments bodes well for the company and could lure other firms to adopt the innovative payment model. He said,

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

Interestingly, Avnet said it has “already closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin.”

The firm also revealed that it is collaborating with Bitcoin.com to develop a new hardware wallet that will further enable cryptocurrency storage and provide the highest level of security for transactions.