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Avnet Begins Accepting Payment in Cryptocurrency

Offered in collaboration with BitPay, the new payment option seeks to give developers flexible and convenient new ways to complete financial transactions. By ChannelPro

Avnet has partnered with BitPay, a global blockchain payment provider, to accept cryptocurrency for products and services. The new option is tailored to the needs of developers looking for flexible, convenient ways to complete financial transactions.

“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,” said Sunny Trinh, vice president of demand creation for Avnet, in a press statement.

When customers elect to make a purchase with Bitcoin (BTC) or Bitcoin Cash (BCH), Avnet will work with BitPay to verify the funds, process the order, and complete the transaction. Avnet and BitPay will also have the ability to manage and process cryptocurrency requests outside the U.S. on a country-by-country basis. BitPay processes more than $1 billion annually from thousands of merchants and B2B customers globally.

“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,” said Sonny Singh, chief commercial officer for BitPay, in prepared remarks. “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.”

Bitcoin transactions are on the rise, with at least 250,000 on-ledger bitcoin transactions per day in 2019, according to Blockchain.com. Avnet has already closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin. That includes working with Bitcoin.com to develop a new hardware wallet that will further enable secure cryptocurrency storage and transactions.

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