Avnet Collaborates With BitPay To Enable Crypto Payments

By Rishma Banerjee

Avnet, Inc, which is one of the world’s largest distributors of electronic components and technology solutions providers, has recently announced a collaboration with crypto payment processor BitPay in order to accept cryptocurrency to pay for the services and products provided by the company. This new development was disclosed in an official press release published on March 19.

Avnet, Inc., which has been listed on Fortune 500 for 24 years, and boasts of an annual revenue in 2018 of more than $19 billion.

The press release which was released says that Avnet will be accepting payment with Bitcoin (BTC) or Bitcoin Cash (BCH), while BitPay will be responsible for verifying the purchased funds and thereby complete the transaction. The company has also announced that it had “closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin,” meanie head that this also includes their work with Bitcoin.com on a new hardware wallet.

The ability of the company to accept crypto will be givinv Avnet customers more options with regards to completing their financial translations, according to the company. The press release states:

“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.”

1. BitPay has also partnered with the Wikimedia Foundation, the non-profit and charitable organization that operates Wikipedia, to provide the possibility to accept donations in cryptocurrency.

And, earlier today, leading Swiss online retailer Digitec Galaxus announced that it would accept 10 different cryptocurrencies as payment for its products.