Avnet, the global technology distributor, announced a press release on March 19 to confirm its collaboration with BitPay, a bitcoin payment service provider. Through this collaboration, Avnet will now provide its customers with a platform to shop for the company’s services and products and pay via cryptocurrency. BitPay will serve as a platform for Avnet to verify the funds, process the order, and then complete the transaction.
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.”
Sonny Singh, Chief Commercial Officer of BitPay, claimed that Avnet is one of the largest global technology solution providers on the Fortune 500 list. The company’s decision to accept bitcoin payments goes on to show how it listens to the needs of their customers. He further added that the bitcoin payment option is easier and faster than with credit cards and bank wires. This collaborating will help Avnet attract many new blockchain-focused customers from across the globe to enjoy easy payment services via bitcoin.
According to this collaboration between Avnet and BitBay, payment with Bitcoin (BTC) or Bitcoin Cash (BCH) will be accepted. This opens new avenues for customers to shop for unique products and pay safely via cryptocurrency.
The company further claimed that within the first month of accepting bitcoin, it has managed to close several multi-million-dollar cryptocurrency transactions.
Earlier this year in January, BitPay had also affiliated with the Wikimedia Foundation, the non-profit and charitable organization that operates Wikipedia. This partnership intended to allow Wikimedia Foundation platform to accept donations in cryptocurrency.
Avnet, Inc. is one of the largest global technology solution providers. It currently ranks #128 on the Fortune 500 list and #414 on the Fortune Global 500. The company had reported revenues of $22.87 billion in FY 2017. It has procured various companies including Hackster.io, Dragon Innovation and UK based Premier Farnell to broaden their reach to the masses. Avent is headquartered in Phoenix, Arizona.
Headquartered in Atlanta, Georgia, United States, BitPay is a bitcoin payment service provider founded in May 2011 by Tony Gallippi and Stephen Pair. The company provides Bitcoin and Bitcoin Cash payment processing services for its merchants.