Avnet, which is a Phoenix, Arizona headquartered technology solutions company, announced on Tuesday that right now, it works with Bitpay, to accept crypto payments for its products, as well as services which include Bitcoin Cash (BCH).
Avnet adds support for cryptocurrency payments
One of the largest global tech solution providers on the Fortune 500, which was founded in 1921, Avnet is one of the largest distributors of electronic components, as well as embedded solutions in the world.
It actually ranks at number 128 on the Fortune 500 list, and at number 414 on the Fortune Global 500, with the revenues of almost $20 billion a year. The electronics giant has explained that it is adding support for the crypto payments in order to provide its customers with some more convenient ways of completing their financial transactions, so they can then focus on the development of their products – not on how they can pay for them.
Will Avnet attract new blockchain-focused customers?
The Bitpay chief commercial officer, Sonny Singh stated that as one of the largest global tech solution providers on the Fortune 500 list, the company is really an innovative company which listens to the needs of their customers, as it was demonstrated by their decision of accepting Bitcoin payments.
He added that not just is paying with Bitcoin faster, as well as more comfortable than with bank wires or credit cards, it is less expensive, and its acceptance grows. He predicts that Avnet is going to attract a lot of new blockchain-focused customers from all over the world that want to take advantage of the paying in Bitcoin.
The announcement of closing several multi-million-dollar crypto transactions
On Tuesday, Avnet also revealed that it already closed a few multi-million-dollar crypto transactions within the first month of accepting crypto payments. This actually includes working with Bitcoin.com, in order to develop an entirely new hardware wallet which is going to enable crypto storage, as well as provide the highest level of security for transactions.
The way in which the crypto payments service actually works is that when Avnet customer elects to purchase something with Bitcoin Core or BTC, or also with Bitcoin Cash or BCH, the company is going to work with Bitpay, to verify the funds, process the order, as well as complete the transaction.
The two American companies are also going to be able to manage, as well as process crypto requests outside of the United States on a country by country basis.