Tech Solutions Firm Avnet Starts Accepting Payments In Crypto

News, Now Accepting | March 20, 2019 By:

Avnet, one of the world’s largest distributors of electronic components and embedded solutions, has teamed with crypto merchant platform BitPay to accept cryptocurrency for products and services.

Headquartered in Phoenix, Avnet operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors, electronic components, including interconnect, passive, and electromechanical devices, and other integrated components from electronic component manufacturers. This segment serves various markets, including automotive, medical, defense, and aerospace. The Premier Farnell segment distributes kits, tools, and electronic and industrial automation components to engineers and entrepreneurs.

Avnet said that the company decided to accept cryptocurrency for products and services in order to provide customers with a convenient payment option to complete their financial transactions. Avnet is working with BitPay to verify the funds, process the order and complete the crypto transaction.

“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 Sunny Trinh, vice president of demand creation at Avnet. “Whether it’s Bitcoin or Bitcoin Cash, we can handle it.”

Avnet claimed that it has already closed several multi-million-dollar cryptocurrency transactions within the first month of accepting bitcoin, including working with to develop a new hardware wallet that will further enable cryptocurrency storage and provide the highest level of security for transactions.

“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,” said Sonny Singh, chief commercial officer of BitPay. “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.”