Fortune 500, Avnet is one of the world’s largest distributors of electronic components and services and is currently accepting cryptocurrency payments through blockchain payment processor BitPay, making it the third-largest accepted bitcoin payment in the US. Technology company.

(Source: Avnet )

On Tuesday, the Fortune 500 company announced the news that its customers can now purchase products and services in Bitcoin (BTC) and Bitcoin Cash (BCH), and BitPay will verify and process of these payments.

Sunny Trinh, vice president of demand creation at Avnet, said:

“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,”

According to Avnet, cryptocurrency payments can reduce the time, cost and complexity of bringing products to market, adding that the company has transacted several million dollars in cryptocurrency in the first month of accepting cryptocurrency payments.

An Avnet spokesperson told CoinDesk that the news made Avnet the third-largest technology company in the US to accept bitcoin payments (after Microsoft and Dell).

“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.”  Said Sonny Singh, BitPay’s chief commercial officer.

Avnet also partnered with Bitcoin.com and it is working to develop a new hardware wallet for cryptocurrency storage and provide “the highest level of security” for transactions.

In January of this year, BitPay said it handled cryptocurrency transactions worth more than $1 billion in 2018 and remained at this size for the second year in a row.