Avnet, an American technology company and one of the Largest Global Technology Solution Providers on the Fortune 500, has announced on March 20 that it would be accepting cryptocurrency payments.
Founded in 1921 and headquartered in Phoenix, Arizona, Avnet understands that the finance landscape in the world is changing, and are positioning themselves and their clients to be ready for it – by adding a cryptocurrency payment option. The move made Avnet the third largest technology company in the US (the other two being Microsoft and Dell) to accept Bitcoin payments.
“We’re breaking down payment method norms by offering our complete range of solutions and products for sale in cryptocurrency,” the company announced in a blog post.
In its announcement, Avnet noted that cryptocurrency payments can help minimize the “time, cost, and complexities of bringing products to market.” Customers can now pay in Bitcoin (BTC) and Bitcoin Cash (BCH) for Avnet’s products and services. Thanks to Bitpay they can offer a fixed 1% fee which is close to nothing compared with traditional intermediaries, the company says.
In his turn Sonny Singh, Bitpay’s chief commercial officer 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.”
According to the March announcement, Avnet is working with Bitcoin.com to develop a hardware wallet that will enable cryptocurrency storage and provide top level of transaction security.
Following the announcement, Avnet shared that it has already closed “several multi-million-dollar” cryptocurrency transactions within the first month of supporting cryptocurrency payments.
Avnet and Bitpay confirmed that they will also manage and process cryptocurrency requests outside the U.S. on a country by country basis.
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