Fortune 500 firm Avnet has announced a new partnership with blockchain payments processor BitPay.

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“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,” said Avnet vice president of demand creation Sunny Trinh.

Avnet customers will now be able to pay for products and services with bitcoin (BTC) and bitcoin cash (BCH).

Cryptocurrency payments can cut the “time, cost and complexities of bringing products to market,” Avnet said, adding the firm already closed “several multi-million-dollar” cryptocurrency transactions just in the first month of accepting cryptocurrency payments.

Avnet is now the third largest technology firm to accept bitcoin payments, behind only Microsoft and Dell.

Sonny Singh

“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 BitPay’s chief commercial officer, Sonny Singh.

Avnet also announced they are working with Bitcoin.com to provide their customers with a new hardware wallet with the “highest level of security.”

BitPay said it processed over $1 billion-worth of cryptocurrency transactions in 2018, for the second year in a row.

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