One of the largest technology solution providers in the world and a Fortune 500 company recently entered the cryptocurrency world.
On March 19, 2019, Avnet announced on their website that they started accepting cryptocurrencies as a mode of payments for their products.
Founded in 1921, a Phoenix, Arizona, headquartered company is one of the world’s largest distributors of electronic components and solutions. It ranks at number 128 on the Fortune 500 list and at number 414 on the Fortune Global 500.
Working with Bitpay, a crypto payment processor, to accept a number of cryptocurrencies including bitcoin cash (BCH), Avnet has already closed several multimillion-dollar cryptocurrency transactions within the first month of accepting cryptocurrency payments. This news comes from Sunny Trinh, the company’s vice president of demand creation, he revealed this to Bitcoin Magazine in an email.
He also said the move was prompted by the customers: “Our customers have been asking to pay in cryptocurrency, and we listened… Cryptocurrency is one more way we help our customers bring their products to market faster,” he said.
In collaboration with Bitcoin.com the company working with Bitcoin.com to develop a new hardware wallet that will enable cryptocurrency storage and provide the highest level of security for transactions.
Sonny Singh, Chief Commercial Officer at BitPay, also gave his opinion regarding the news predicting that Avnet would see a rise in customers:
“I predict Avnet will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”
According to the Avnet’s press release, when a customer makes a purchase with BTC or BCH, Avnet uses BitPay to verify the funds, then processes the order and completes the transaction. Avnet and BitPay will also process cryptocurrency requests outside the U.S. on a country-by-country basis.
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