Avnet (Nasdaq: AVT), a leading global technology solutions company, is working with blockchain payment provider, BitPay, to accept Bitcoin (BTC) and Bitcoin Cash (BCH) cryptocurrencies for products and services, the company announced on Tuesday.
When a customer selects Bitcoin (BTC) or Bitcoin Cash (BCH) as a payment option, Avnet system will work with BitPay to verify cryptocurrency funds, process the order and complete the transaction.
With the help of payment provider BitPay, Avnet will also be able to manage and process cryptocurrency transactions outside the U.S. on a country-by-country basis, the company confirmed in a press release on March 19. BitPay is a leading blockchain payment provider that is capable to process more than $1 billion annually from thousands of merchants and B2B customers globally.
On Tuesday, Avnet quoted its vice president of demand creation, Sunny Trinh, saying “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.”
“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, BitPay.
“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,” Singh predicted.
Bitcoin transactions are on the rise, with at least 250,000 on-ledger bitcoin transactions per day in 2019, according to Blockchain.com. As Dapp Life reported yesterday, Switzerland’s eCommerce giant Digitec Galaxus has also confirmed to support cryptocurrency payments.
“By accepting bitcoin as a payment option, Avnet is continuing to break down the barriers customers face when getting their ideas to market by 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,” the announcement reads.
“This ecosystem, comprised of small-scale specialists Farnell, Newark and element14; design-focused Hackster.io; manufacturing solution provider Dragon Innovation; and software and AI strategist Softweb Solutions; reduces the time, cost and complexities of bringing products to market,” the company concluded.