Avnet is one of the biggest electronic component distributors in the United States and with more than $17 billion in revenue, you can see the company is doing well. The capitalised Fortune 500 firm has recently teamed up with the Bitcoin and Bitcoin Cash payment processor BitPay and because of this tactical move, Avnet is the third major corporation in the United States to accept crypto payments after Microsoft and Dell.
“When a customer elects to 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 US on a country-by-country basis.”
Over the next week or so, the firm will be allowing their customers to pay for services using cryptocurrencies in a move that shows how the world is speeding up in terms of the transition from fiat and adopting a new global asset as a trusted alternative. If we take out the immutability side of things, the VP of Avnet, Sunny Trinh highlighted numerous advantages tied to Bitcoin including cost saving and elimination of barriers common when rolling out products to the market.
Even so, settling with Bitcoin isn’t just quicker but typically it’s also safer than using traditional set-ups charging extortionate fees. Then again, this has basically been on the cards for a while. Avnet has been working with Bitcoin.com as they come to create a secure crypto wallet as the tech-centric firm prepares for a transition to cryptocurrency.
Currently, the price of Bitcoin seems to be trending and according to NewsBTC, the “bulls appear to be in control”.
Although there is a lot of demand, prices are creeping up higher and at this pace, we can expect a recovery of 24th February losses. This is mostly down to the increasing demand and Bitcoin rejecting lower lows as they align along the upper BB.
Over the past few days, Bitcoin rose above the $4,000 mark (finally!) and its current price is $4,091.77 following a 1.18 percent increase over the past 24 hours. In terms of market cap, the price is $72,021,023,957 at the current time of writing.