Avnet (Nasdaq: AVT), a Phoenix, Arizona headquartered technology solutions company, has announced on Tuesday that it is now working with Bitpay to accept cryptocurrency payments for its products and services including bitcoin cash (BCH).
One of the Largest Global Technology Solution Providers on the Fortune 500
Founded in 1921, Avnet is one of the world’s largest distributors of electronic components and embedded solutions. It ranks at number 128 on the Fortune 500 list and at number 414 on the Fortune Global 500, with revenues of about $20 billion a year. The electronics giant explained that it is adding support for cryptocurrency payments to provide its customers with more convenient ways to complete their financial transactions so they can focus on developing their products – not on how to pay for them.
“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,” said Sonny Singh, Bitpay’s chief commercial officer. “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.”
Several Multi-Million-Dollar Cryptocurrency Transactions Already Closed
Avnet also revealed on Tuesday that it has already closed several multi-million dollar cryptocurrency transactions within the first month of accepting cryptocurrency payments. This includes working with Bitcoin.com to develop a new hardware wallet that will enable cryptocurrency storage and provide the highest level of security for transactions.
The way the cryptocurrency payments service works is that when an Avnet customer elects to make a purchase with bitcoin core (BTC) or bitcoin cash (BCH), the company will work with Bitpay to verify the funds, process the order and complete the transaction. The two American companies will also have the ability to manage and process cryptocurrency requests outside the U.S. on a country by country basis.
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Images courtesy of Shutterstock and Avent.
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