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Avnet, headquartered in Phoenix, is one of the world’s largest distributors of electronics. According to a press release sent out today by the firm, they have started accepting crypto for their products and services.
The announcement is set to please developers seeking flexibility on their paths to the market, and with the move Avnet is set to facilitate their financial transactions. The company is definitely a power to be reckoned with, ranking on the 414th place on the Fortune Global 500 index, with revenues in excess of $22.87 billion for the 2017 exercise.
BitPay is the company responsible for handling the integration of Avnet with cryptocurrencies. The U.S. based payments processor, founded in 2011, currently accepts Bitcoin and Bitcoin Cash, the two tokens that Avnet will be taking.
Sonny Singh, CCO of BitPay, reflected on the benefits that Avnet could find in accepting crypto:
“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”.
Read more: Wikipedia begins accepting Bitcoin Cash donations with the help of BitPay; Record $1 Billion in transactions for BitPay in 2018