07 Jun Inspired by MicroStrategy: CyberSec Firm Octagon Networks Converts its Balance Sheet Into Bitcoin
Octagon Networks – a cyber security company headquartered in Addis Ababa – converted its entire balance sheet and all its liquid assets into the primary cryptocurrency. In addition, it embraced bitcoin as a payment method for its services.
‘Bitcoin Will Lead the World Toward a Better Future’
The Ethiopia-based Octagon Networks declared its firm support for bitcoin. Paulos Yibelo – Managing Partner at the organization – believes it could “help tackle the complicated bureaucracy involved with acquiring international customers and talent.” He went further, predicting that the asset will “lead the world toward a better future.”
Apart from converting its balance sheet into BTC and saying “yes” to crypto payments, Octagon Networks revealed customers will get a 50% discount when settling their bills in bitcoin.
Yibelo revealed that the firm has long “admired” the primary cryptocurrency and its advantages. He also said that the US-based business intelligence company – MicroStrategy – has prompted its decision to become the first cyber security company that embraced the asset that way:
“Our inspirations for these ideas are many, but our implementation of this specific model was inspired by MicroStrategy Inc. based in the US.”
Eventually, Yibelo announced that he will no longer work for Octagon Networks. His succeeder has rich experience in the cyber security industry and is also a good leader:
“He has been instrumental in helping expand Octagon into the US market and carries big dreams. As a final word, I’d like to say: the future is bright with Bitcoin.”
Established in Q1, 2022, the firm also reportedly opened offices in San Francisco.
MicroStrategy and Bitcoin
The American company spearheaded by Michael Saylor has been adding bitcoin to its corporate balance sheet since August 2020. Several months ago, Phong Le – Chief Financial Officer of MicroStrategy – said the firm is committed to purchasing more portions of the asset in the future despite the fluctuations of the crypto market.
Currently, it owns 129,218 BTC, acquired at an average price of approximately $30,700. In the past few weeks, bitcoin’s price was hovering around $30,000, meaning that MicroStrategy was sitting at an unrealized loss of millions of dollars. At the moment of writing these lines, the cryptocurrency trades at about $31,500, putting the firm’s investment in the green again.
It is also worth mentioning that the head of the company – Michael Saylor – is one of the biggest advocates of BTC. He often advises investors and even governments to purchase the coin as a hedge against inflation and a financial instrument that could boost their economic well-being.
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