Avnet to accept Cryptocurrency Payments via BitPay

Avnet, a Nasdaq listed company announced that it will accept cryptocurrency for its products and services

Avnet is a global technology solutions provider with an extensive ecosystem delivering design, product, marketing, and supply chain expertise for customers at every stage of the product lifecycle

The company said that it has successfully closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin.

Avnet is also working with Bitcoin.com to develop a new hardware wallet. It will help them with cryptocurrency storage and provide the highest level of security for transactions.

Executive Opinion

Vice President of Demand Creation, Avnet, Sunny Trinh, 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."

Chief Commercial Officer, BitPay, Sonny Singh, said, "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. 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. I predict Avnet will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”

Avnet and BitPay Partnership

BitPay processes more than $1 billion annually from thousands of merchants, B2B customers globally and one of the most experienced company in Bitcoin and blockchain payments.

Avnet will work with BitPay to verify funds, process the order and complete the transaction. The company said it allows the customer to make purchases with Bitcoin (BTC) or Bitcoin Cash (BCH).

Avnet and BitPay will also have the ability to manage and process cryptocurrency requests outside the U.S. on a country-by-country basis, the announcement said.