Octagon Networks is the first company in the cybersecurity industry to convert its whole financial sheet to Bitcoin
The security company is one of many businesses taking the jump and using cryptocurrencies in their day-to-day operations as digital assets expand in popularity and are widely accepted as a viable alternative to conventional assets.
To be precise, on June 5, cybersecurity firm Octagon Networks revealed on its blog and Twitter page that it had “completely converted its liquid assets and balance sheet into Bitcoin,” as stated in a post on its blog and Twitter account.
According to a statement from the company: Bitcoin will be accepted and a discount offered to promote its adoption
According to Octagon Network’s blog, this discount would equal 50% when paying for its services in Bitcoin (BTC). According to Paulos Yibelo, the firm’s managing partner, the move was prompted by the following factors:
“As a team of security researchers, engineers, and hackers based in different third-world nations, we have always respected Bitcoin’s continued contributions to the growth of mankind, and now we appreciate how it has opened the door for us to extend our work across borders!!”
Then, he added: To our knowledge, we are the first cyber security organisation to convert its entire assets into Bitcoin and accept Bitcoin payments.”
Octagon Network is a relatively young company in the industry, having been founded in Addis Ababa in the first quarter of 2022. In the meanwhile, the company has grown to employ “over 20 incredibly brilliant ethical hackers and software engineers in the United States and throughout the world” and has made “different free donations to help safeguard over 1.5 million devices globally.”
When it comes to blockchain and cryptocurrencies, Ethiopia isn’t exactly a newcomer to the area. In late May of 2021, according to Finbold, Cardano (ADA) formed a partnership with Ethiopia’s government to streamline the country’s educational system’s administration using its blockchain.