American Electronics Giant Avnet Now Accepts Cryptocurrency Payments

American electonics giant, Avnet Inc. has announced that customers can now make payment for goods and services using bitcoin and bitcoin cash.

According to the statement which was released on March 19, Avnet Inc. has partnered with the largest cryptocurrency transaction platform in the world, BitPay to make the new payment option possible.

Avnet Inc. which was founded by Charles Avnet in 1921, has its headquaters in Phoenix, Arizona and boasts of more than 15,000 staff under its employ with a net income of $250 million.

Avnet’s Vice President of demand creation, Sunny Trinh, through an email confirmed the new development to Bitcoin Magazine.

According to him, the company opted for the payment option, to give its customers less worries when it comes to making payments for goods and services. He noted that since the introduction of the new payment option, the company has “closed several multi-million-dollar transactions” using cryptocurrency.

“Bitcoin gives our customers added flexibility, and we are excited to offer our customers the option to pay with bitcoin or bitcoin cash.” he said.

“We recognized that cryptocurrency would help our customers overcome the competition and challenges they face every day in taking their ideas from design to production,”

“And we listened to our customers who said they would like the option to pay for our products and services with cryptocurrency.”

“Cryptocurrency is one more way we help our customers bring their products to market faster,” he added.

Avnet, also dubbed the world’s largest distributors of electronic components and embedded solutions, published the new partnetship with BitPay on its website.

It reads: “Do you have cryptocurrency burning a hole in your pocket? Has a customer paid you in Bitcoin, and now you’re looking to cash in? Well, you’re in luck, because Avnet is now an industry leader in an exciting new arena. We’re breaking down payment method norms by offering our complete range of solutions and products for sale in cryptocurrency.

By partnering with BitPay, we’re supported by the largest cryptocurrency transaction platform in the world. What does that mean for you? Well, simplicity, for one. And cost efficiency, for another. With BitPay helping process purchases made with cryptocurrencies, you can count on:

– real-time conversion rates, calculated down to a 15 minute window
– a fixed 1% fee, which will look like nothing when compared with traditional intermediaries
–the ease of use you’ve come to expect with online platforms.

Sonny Singh, Chief Commercial Officer at BitPay, also expressed similar optimism at the partnership with Avnet, he said: “I predict Avnet will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”

The new payment option is a great feat for the century old firm, who though embraced the cryptocurrency payment option quite late, but also a better time than never as most of the companies that have taken the step of accepting cryptocurrencies as forms of payment, have been younger and smaller.

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