Wednesday, February 19, 2020

Avnet Leads Industry by Accepting Cryptocurrency

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Digital payment option adds flexibility for customers bringing new
technology to market

PHOENIX–(BUSINESS WIRE)–$AVT #BitCoinAvnet
(Nasdaq: AVT),
a leading global technology solutions company, is working with BitPay,
the largest global blockchain payment provider, to accept cryptocurrency
for products and services. Today’s developers are looking for
flexibility as they take their products to market, and this announcement
provides our customers with more convenient ways to complete their
financial transactions.


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

When a customer elects to make a purchase with Bitcoin (BTC) or Bitcoin
Cash (BCH), Avnet will work with BitPay to verify the funds, process the
order and complete the transaction. Avnet and BitPay will also have the
ability to manage and process cryptocurrency requests outside the U.S.
on a country-by-country basis. BitPay processes more than $1 billion
annually from thousands of merchants and B2B customers globally.

“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, 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.”

Bitcoin transactions are on the rise, with at least 250,000 on-ledger
bitcoin transactions per day in 2019, according to Blockchain.com.
Avnet has already closed several multi-million-dollar cryptocurrency
transactions within the first month of accepting bitcoin. This includes
working with Bitcoin.com to develop a new hardware wallet that will
further enable cryptocurrency storage and provide the highest level of
security for transactions. To learn more, visit: https://www.avnet.com/BitPay.

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. This ecosystem,
comprised of small-scale specialists Farnell, Newark and element14;
design-focused Hackster.io; manufacturing solution provider Dragon
Innovation; and software and AI strategist Softweb Solutions; reduces
the time, cost and complexities of bringing products to market.

Follow Avnet on Twitter: @Avnet
Follow
Avnet on Instagram: http://www.instagram.com/Avnet
Connect
with Avnet on Facebook: http://www.facebook.com/AvnetInc
Connect
with Avnet on LinkedIn: http://www.linkedin.com/company/avnet

All brands and trade names are trademarks or registered trademarks,
and are the properties of their respective owners. Avnet disclaims any
proprietary interest in marks other than its own.

About Avnet

Avnet is a global technology solutions provider with an extensive
ecosystem delivering design, product, marketing and supply chain
expertise for customers at every stage of the product lifecycle. We
transform ideas into intelligent solutions, reducing the time, cost and
complexities of bringing products to market. For nearly a century, Avnet
has helped its customers and suppliers around the world realize the
transformative possibilities of technology. Learn more about Avnet at www.avnet.com.

About BitPay

Founded in 2011, BitPay is the pioneer and the most experienced company
in Bitcoin and blockchain payments. Its suite of products enables
businesses to send and receive cross border payments, also enabling
consumers to manage digital assets with the BitPay Wallet and turn
digital assets into dollars with the BitPay Prepaid Visa®
Card. The company has offices in North America, Europe, and South
America and has raised over $70 million from leading investors including
Founders Fund, Index Ventures and Aquiline Technology Growth. For more
information visit https://bitpay.com.

Contacts

Media Contacts
Maureen O’Leary
Avnet
maureen.oleary@avnet.com
480-643-7499

Jamie Ernst
Brodeur Partners, for Avnet
jernst@brodeur.com
480-308-0286

Tom Hannaford
Wachsman, for BitPay
tom@wachsman.com

(c)2018 Business Wire Inc., All rights reserved.
Original Release: Business Wire

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