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Crypto Adoption: Avnet, A Fortune 500 Tech Giant Accepts Crypto Payments

Avnet, a leading Fortune 500 tech giant begins to accept cryptocurrency payments for their products. Avnet is a US-based tech firm, headquartered in Phoenix, and it is one of the world’s largest distributors of electronics.

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In a press release  by the company, the firm stated that they have started accepting crypto for their products and services.

The announcement is meant to be appreciated by developers who are looking for flexibility on their paths to the market, and the recent move by Avnet is set to facilitate their financial transactions. The company reputable and wields great influence, it ranks 414th place on the Fortune 500 Global index, with over $22.87 billion in revenues for the 2017 exercise.

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The company partnered with BitPay which is the company responsible for handling the integration of Avnet with cryptocurrencies. The U.S. based payments processor, founded in 2011, currently accepts Bitcoin and Bitcoin Cash for payments, these two tokens are the ones Avnet will be taking.

Sonny Singh, CCO of BitPay, reflected on the benefits that Avnet could find in accepting crypto:

 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”.

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The move by Avnet tech to accept crypto payments for their goods and services is a positive development for the entire crypto industry as this will further boost global crypto adoption.

Note: Opinion expressed in this article is not a financial advice. Investment in cryptocurrency is very risky and as such you are advised to do proper research before making your decisions since mntrends will not be held responsible for any loss resulting from it.

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Written by Russell


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