Fortune 500 Firm Avnet Accepts Crypto Payments
Avnet, a major distributor of electronics products and provider of technology solutions, has once again delivered a reminder that it is a leading adopter of emerging technology.
The Arizona-based Fortune 500 firm has now partnered with cryptocurrency payments processor BitPay to accept crypto payments.
Already providing services that help both customers and tech suppliers across the globe, the firm is now targeting further growth via the decentralized reach of cryptocurrencies.
The firm announced this month that its customers now had another payment option that allowed them to pay for various products or services using two of the leading digital assets- Bitcoin (BTC) or Bitcoin Cash (BCH).
According to Sunny Trinh, the VP of product demand at Avnet, accepting crypto payment that is secured over the blockchain would help the firm’s customer’s focus on product development and not the mode of payment for various services.
BitPay will handle the verification and processing of all the payments. The firm recently announced that it had processed over $1 billion worth of cryptocurrency payments in 2018. That was despite the price crash that saw all cryptocurrencies lose nearly 80 percent of their market value.
Notable is Avnet’s assessment of the crypto payments space. According to the company, the industry is on the rise and is likely to see even more growth, as illustrated with Avnet’s success within the last one month since it started the process of accepting cryptocurrency payments.
The firm has allegedly closed numerous multi-million dollar transactions in the cryptocurrency payment sector, including its deal with Bitcoin.com
It should be noted that in terms of size, Avnet joins such global giants as Microsoft and Dell in accepting bitcoin payments for its products and services.
Paying with Bitcoin or any other cryptocurrency isn’t just an easier and convenient option, but provides faster transaction settlements. It is also far cheaper than when customers use traditional payment methods like credit cards or bank transfers.
It is likely that Avnet will inspire even many more mainstream companies towards cryptocurrencies given its vast client base and crypto’s growing adoption among merchants.
Avnet, however, expects there will still be a lot of improvements in the sector to accord all customers the highest levels of security when making crypto payments. It has therefore teamed up with Bitcoin.com, in order to develop a new hardware wallet for secure crypto storage.