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Avnet partners with BitPay to accept Crypto payments


One of the world’s largest distributors of electronic components, Avnet will not accept crypto payments. The firm has partnered with blockchain payments processor Bitpay for the same. The customers can now pay via Bitcoin(BTC) and Bitcoin Cash (BCH) for services and products. Avnet now stands tall as the third largest company ion US to accept Bitcoin payments.

“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,”

 said Avnet vice president of demand creation Sunny Trinh.

As per Avnet, crypto payments time cost and complexities can be reduced. Further, the firm has sealed multi-million dollar crypto transactions within first few months of accepting crypto payments.

BitPay’s chief commercial officer, Sonny Singh, said:

“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.”

 Per the announcement, Avnet is also working earneslty with to build a new hardware wallet. The wallet will provide high grade security and also enable storage of crypto asset for transactions. 

BitPay processes Transactions worth $1 Billion

Till January,  BitPay had processed over $1 billion-worth of cryptocurrency transactions in 2018 for the second year in a row. 

“To process over a $1 billion for a second year in a row despite bitcoin’s large price drop shows that bitcoin is being used to solve real pain points around the world,” 

said Stephen Pair, BitPay co-founder and CEO.

As a matter of fact,  the firm’s  business-to-business venture increased about 255 percent year-on-year. This was because new clients including law firms, data center providers and IT vendors agreed to make crypto payments. 

About Avnet 

Avnet is a global technology solutions provider. It has an extensive ecosystem, which is into  delivery design, product, marketing and supply chain expertise for customers at every stage of the product lifecycle. 

About BitPay

BitPay was founded in 2011. It is the pioneer and the most experienced company in Bitcoin and blockchain payments. 

The company has offices in North America, Europe, and South America. Moreover, it has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth.

BitPay has enabled businesses to send and receive cross border payments. Further, it has enabled consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa® Card.