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Avnet, One of the largest electronics components distributor in the world is accepting Cryptocurrencies for payments, the company announced on March 19th.
The Phoenix-based electronics giant is partnering with the Crypto payment provider Bitpay to accept Bitcoin (BTC) and Bitcoin cash (BCH) for its products and services. The company wrote in a press release that Bitpay “will verify the purchased funds and complete the transaction”. Avnet is also said to have “closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin,” and is working with Bitcoin.com to create a new hardware wallet to safely store and transact in Cryptocurrencies.
Sunny Trinh, vice president of demand creation, Avnet said:
“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. Whether it’s Bitcoin or Bitcoin Cash, we can handle it,”.
Avnet Inc is a Fortune 500 firm with over 15,700 employees and annual revenue of $19 Billion in 2018. The company’s decision to integrate Bitcoin is a major step towards increasing mainstream adoption and awareness of Cryptocurrencies.
Sonny Singh, chief commercial officer, BitPay said:
“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.”
Avnet sees the integration of Bitcoin payments as a way of “enabling easier access to its unique end-to-end ecosystem of design, product, marketing, and supply chain expertise at every stage of the product lifecycle” as Crypto payments reduce the “time, cost and complexities of bringing products to market,”.