Electronic Products & Technology

News

Avnet accepts cryptocurrency payments

Digital payment option adds flexibility for customers bringing new technology to market


Avnet, electronics component distributors and global technology solutions company, is working with BitPay, the largest global blockchain payment provider, to accept cryptocurrency for products and services. 

The move was made to deliver more flexibility to developers taking their products to market, and provide its customers with more convenient ways to complete their financial transactions, according to Sunny Trinh, vice president of demand creation, Avnet.

“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,” Trinh says. “Whether it’s Bitcoin or Bitcoin Cash, we can handle it.”

Avnet will work with BitPay to verify the funds

When a customer elects 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.

“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,” adds Sonny Singh, chief commercial officer, BitPay. “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. This includes working with Bitcoin.com to develop a new hardware wallet that will further enable cryptocurrency storage and provide the highest level of security for transactions.