Octagon Networks; The First Cybersecurity Firm To Convert Balance Sheet To Bitcoin

Digital assets or the widely known as Bitcoin has gained immense popularity, a lot of companies have started to incorporate cryptocurrencies into their ecosystem. After MicroStrategy, Octagon Networks reportedly converted their whole balance sheet to Bitcoin.

Octagon Networks is a cybersecurity company which operates out of Addis Ababa and San Francisco. The company mentioned that it has finished with the process of converting its liquid assets and the entire balance sheet into BTC.

Octagon Networks decided on finalizing this move as the company understands the need for simplifying cross-border transactions and with Bitcoin, that happens with a lot of ease.

Octagon also mentioned that the reason behind this move was MicroStrategy as they inspired the cybersecurity firm to adopt the Bitcoin strategy in their business model.

The Company Wants To Encourage Bitcoin Payments

According to the Octagon Networks blog, the company also stated that they are willing to encourage more of BTC payments.

The immediate goal for the cybersecurity firm is to make sure that they enable BTC payments for all services.

Additionally, they also might facilitate the same by introducing discounts. A 50% discount shall be provided to customers to transact using BTC. The company however has not mentioned the exact amount that it has invested in BTC.

Paulos Yibelo, the managing partner of Octagon Networks stated that,

As security researchers, engineers, and hackers distributed across multiple third-world countries, we have always admired Bitcoin’s ongoing contributions to the advancement of humanity, and now appreciate how it has opened the door for us to expand our work across borders!

The cybersecurity firm is mainly a research and development team which operates both out of the US and Ethiopia. The company comprises of remote hackers and software developers.

Although Octagon Networks is still quite new in the market as it was started in Q1 2022 in Addis Ababa. Over the last six months, it has contributed substantially and through its free services.

The company helped secure over 1.5 million global devices through reporting and disclosing crucial and critical vulnerabilities.

Paulos Yibelo further added that,

We are by no means a big company, but as far as we know, we are the first cyber security company to convert all of its assets into Bitcoin and to accept Bitcoin payments.

Suggested Reading | MicroStrategy Stock Rallies 10% As CEO Saylor Predicts Bitcoin Will ‘Go Into The Millions’

Ethiopia Has Witnessed Developments In The Field Of Blockchain

As Octagon Networks operates out of the Ethiopian capital Addis Ababa, it is imperative to mention how the country has progressed in the crypto and blockchain field. Last year in the month of May, Cardano (ADA) had decided to partner with the Ethiopian government.

This partnership was focused on bringing efficiency and also streamlining the education system management of the country.

Now with the cybersecurity firm believing that Bitcoin is the future, it leaves room for many more developments within the field.

Related Reading | Bitcoin Fees Indicator Shoots Late Bear Market Signal

Bitcoin was trading above $31,000 on the one day chart | Source: BTCUSD on TradingView

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