Business

Erik Gibbs

Global tech solutions firm Avnet now accepts crypto

Another major international company has decided it was time to embrace cryptocurrencies as a form of payment. Avnet, a company that specializes in global technology solutions, has signed up with BitPay and will now accept Bitcoin Core (BTC) and Bitcoin Cash (BCHABC) as a form of payment from its clients. 

Avnet is a global distributor of electronic components and embedded solutions. It was founded in 1921 in New York and now has its headquarters in Phoenix, Arizona. The company has been involved in supplying parts for the manufacturing of radios, automobiles, antennas for the armed forces and U.S. space programs. It continues to thrive and adapt to the changing technology world, now concentrating on solutions such as the Internet of Things (IoT).

In partnering with BitPay, Avnet is hoping to provide additional convenience to its clients when it comes time to settle financial transactions. In a press release, the company’s VP of Demand Creation, Sunny Trinh, explains, “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.”

BitPay Chief Commercial Officer Sonny Singh adds, “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. 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.”

As an international organization, Avnet has clients across the globe. Having to process payments from these international clients can often be time-consuming and expensive, and can be delayed sometimes for weeks as the payments make their way through banking channels. By incorporating crypto payments, Avnet can now receive payments from virtually anywhere in the world in a matter of seconds, at a fraction of the cost of conventional payment systems. It has reportedly already closed several multi-million-dollar deals in under a month. 

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