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wilslaw

Avnet now accepts crypto payments through BitPay

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Avnet, one of the largest distributors of electronic components and services in the world, through a partnership with BitPay (a blockchain payments processor) has started accepting crypto payments.

 

In an announcement on Tuesday, the Fortune 500 firm said its customers can now pay in bitcoin (BTC) and bitcoin cash (BCH) for products and services, with BitPay then verifying and processing those payments.

 

Sunny Trinh (Avnet vice president of demand creation) said that:

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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.

 

Avnet said crypto payments can reduce the “time, cost and complexities of bringing products to market,” adding that it has already closed “several multi-million-dollar” crypto transactions within the first month of accepting crypto payments.

 

A spokesperson for Avnet told CoinDesk that, with this news, Avnet becomes the third largest technology company in the U.S. (behind only Microsoft and Dell) to accept bitcoin payments. Sonny Singh, the chief commercial officer of BitPay said:

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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.

The announcement also reveals that, Avnet has also teamed up with Bitcoin.com to create a new hardware wallet to enable cryptocurrency storage and provide the “highest level of security” for transactions.

 

In January, BitPay said it processed over $1 billion-worth of cryptocurrency transactions in 2018 for the second year in a row.

Edited by wilslaw

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