Amidst a marketwide correction, Octagon Networks has been quietly converting its liquid assets and entire balance sheet into Bitcoin. Not only that, it has also started accepting Bitcoin payments, with a special 50% discount if paid in BTC.
The cybersecurity firm is now among the growing cohort of entities dipping its toe and embracing cryptocurrencies into their business operations, as digital assets gain popularity and widespread acceptance as a valid alternative to traditional assets.
Octagon Networks, which is based out of the Ethiopian capital of Addis Ababa and San Francisco, has announced its completion of the “entire balance sheet into Bitcoin,” on its blog published and shared via its Twitter page on June 5.
According to the blog published by the team, this discount would amount to 50% when paying for its services in Bitcoin [BTC].
The firm’s managing partner Paulos Yibelo further explained the reasoning behind the move writing:
“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!”
He added that: “Octagon Networks is 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.”
Octagon Networks Claims To Secure Over 1.5M Devices Globally
The security research firm with mostly remote workers is still a very niche player on the market, having been founded in Q1 2022 in Addis Ababa.
It has since expanded to employ “over 20 extremely talented ethical hackers and software developers in the US and across the globe” and has made “various free contributions to help secure over 1.5 million devices globally.”
In less than six months, Octagon boasts of securing over 1.5 million devices globally. The blog then concluded with the quote: “the future is bright with Bitcoin”.
With respect to its home country- Ethiopia, has made rapid strides in the field of blockchain and cryptocurrencies. In late May 2021, Proof-of-Stake blockchain Cardano [ADA] partnered with the Ethiopian government to use its blockchain in streamlining the country’s education system management.