Avnet, a leading global technology solutions provider, is now “open for cryptocurrency business,” by accepting cryptocurrency payments. Having partnered with one of the largest cryptocurrency transaction platforms in the world, BitPay, Avnet announced that the move will help customers pay in cryptocurrency with “simplicity” and “efficiency.”
According to its website, Avnet is “breaking down payment method norms by offering our complete range of solutions and products for sale in cryptocurrency.”
Reasons behind the move
Acknowledging the changing landscape and the need for innovation, Avnet explained its move on its website as follows: “With approximately 250,000 on-ledger Bitcoin transactions being made every day, we understand that the landscape is changing, and we’re positioning ourselves – and our clients – to be ready for it. From entrepreneur to enterprise, and at any point along your product lifecycle, Avnet is prepared to foster your innovative ideas and help you reach further.”
Avnet is the third largest technology company in the US, after Microsoft and Dell, to accept bitcoin payments, according to CoinDesk.
In its press release, Avnet also added that developers are looking for flexibility today and that Avnet’s customers will be offered the convenience that comes when paying with crypto assets.
Sunny Trinh, vice president of demand creation, at 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 and BitPay will be able to process cryptocurrency payments outside the U.S. on a country-by-country basis. According to BitPay, in 2018 the company processed more than $1 billion from merchants and B2B customers globally.
Sonny Singh, chief commercial officer of BitPay, clarified that being “an innovative company that listens to the needs of their customers,” Avnet’s decision to accept bitcoin payments was something logical: “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.”
With bitcoin transactions growing according to Blockchain.com, Avnet “has already closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin.” At the moment, Avnet is working with Bitcoin.com to develop a new hardware wallet that “will further enable cryptocurrency storage and provide the highest level of security for transactions.”