Saturday, May 30, 2020

US Electronics Company, Avnet Now Accepts Bitcoin Payments

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

An old company that now accepts a modern method of payment, sounds interesting — isn’t it?

Avnet Shares The Great News

Avnet, one of the pioneers and leading electronics company in the world, have made an awesome change in their system. The company has become the latest partner of cryptocurrencies towards the mainstream market.

On March 19, 2019, Avnet announced on their website that they will now accept cryptocurrencies as a mode of payments for their products. This is made possible by the popular payment processor, BitPay which serves as their official crypto payment processor, handling all transactions. Interestingly, two of the recently most in-demand cryptos in the market are their main focus; these are Bitcoin (BTC) and Bitcoin Cash (BCH).

Due to Popular Demand

As explained by Sunny Trinh — the company’s vice president of demand creation, the said announcement was made in order to answer the raging demand from their investors and consumers for them to use cryptos as one of their modes of payment.

“Our customers have been asking to pay in cryptocurrency, and we listened. Bitcoin gives our customers added flexibility, and we are excited to offer our customers the option to pay with bitcoin or bitcoin cash.”

“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,” TRINH SAID IN BITCOIN MAGAZINE.

Although the news is still fresh as of now, he revealed that the company already
“closed several multi-million-dollar transactions” using cryptocurrency after their big announcement. Still, not shockingly, a lot of people thinks that Avnet just made a poor decision in this matter.

With several issues inclined with the usage and application of cryptos in businesses, Trinh still defended the medium and believed that their company will benefit a lot from the virtual currencies as “cryptocurrency is one more way to help our customers bring their products to market faster.”

Sonny Singh — Chief Commercial Officer at BitPay, also gave his opinion regarding the matter in which he predicted that Avnet might lead the way for pioneer companies to take the modern or the crypto way.

Pioneer Takes A Major Role

Having one of the oldest electronics company– founded 1921– as part of the crypto market, speaks on a different level in terms of the business ethics in the world. As said, pioneers do not just trust new technologies but Avnet proved this wrong and we are all waiting for others to follow this major lead.

Latest News

$10 Million Burned on BitMEX Shorts as Bitcoin Surges to $9,700

Just hours after Ethereum rocketed higher, so too has Bitcoin. The leading cryptocurrency recently reached $9,750, the highest price BTC...

Ethereum Erupts 10% Higher: Here’s Why Analysts Think More Upside Is Imminent

While Bitcoin is stalling under the key $9,500-9,600 resistance level, Ethereum has rocketed higher. The asset, according to, is up 10% over the past...

Bitcoin: One size doesn’t fit all for UTXO management

Bitcoin has noted a host of varying narratives with regard to its potential use-cases over the past decade. However, despite being developed to take...