It’s long been said that cryptocurrency adoption will be what fuels the next bull run, just as the ICO market fueled the last one in 2017. Now that we have seemingly bottomed, or are nearing a bottom in the crypto markets, new developments leading to mass adoption are already taking place.
Announced Tuesday, Avnet, a Fortune 500 tech firm that sells software solutions to customers and suppliers around the world, is now allowing customers to pay in Bitcoin (BTC) and Bitcoin Cash (BCH) for the company’s software solutions.
Per the announcement, Avnet said:
“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.”
The Start of Cryptocurrency Mass Adoption?
Now that a Fortune 500 company is supporting Bitcoin and Bitcoin Cash for payments, it signals that cryptocurrencies are finally experiencing some real adoption.
Avnet is no small company, employing over 15,000 people in 125 locations across North America, Europe, and Asia, and it has more than 1,400 technology suppliers which serve over 2.1 million customers in more than 140 countries.
The products that suppliers and customers can now buy with crypto come from brands such as Dell, Asus, Seagate, Fujitsu, Toshiba, and Micron, among others.
As for the wide range of industries Avnet serves, they include the automotive, communications, healthcare, industrial, military and aerospace, security, wearables, and other markets. Therefore, Bitcoin can get exposed to a wide range of markets that it previously was not.
Moreover, Avnet ranked #128 on the 2018 Fortune 500, as the company’s reported revenue totaled $19.04 billion. Therefore, if payments from Bitcoin or Bitcoin Cash capture just a portion of this revenue, it could do wonders for price and the spread of adoption.
In addition to Avnet’s adoption of crypto, this news comes just days after purported news that South Korea’s largest internet conglomerate, Kakao will be integrating a crypto wallet into KakaoTalk, South Korea’s largest messaging app with over 44 million active users.
Since the mass consensus is that crypto is very close to its market bottom, adoption developments like these could potentially catalyze a trend reversal and lead crypto into the next bull run.
Avnet Partners With BitPay to Process Crypto Payments
Per the announcement, Avnet is working with the industry-leading cryptocurrency payments processor, BitPay, which processes over $1 billion annually in cryptocurrency payments.
According to Sunny Trinh, Vice President of demand creation at Avnet, BitPay along with Avnet will verify the funds, process the order, and complete the transactions. He also noted that Avnet and BitPay will have the ability to manage and process cryptocurrency payments from outside the US on a country-by-country basis.
Per the announcement, Avnet highlighted that Bitcoin has already crossed 290,000 on-chain transactions this year and that the company wants to position themselves and their clients to be ready for the changing payments landscape.
Adding to Avnet’s excitement over the acceptance of crypto, Sonny Singh, Chief Commercial Officer at BitPay, said:
“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.”
Do you think crypto adoption developments like this will lead the markets into the next bull run? Let us know what you think in the comment section below.
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