Octagon Networks Converts Full Balance Sheet Into Bitcoin

Octagon Networks has transformed its whole steadiness sheet into bitcoin.
The corporate may even start accepting bitcoin as cost for all providers, providing a 50% low cost to prospects utilizing BTC.
Octagon stated MicroStrategy impressed the actual enterprise mannequin it’s adopting for its Bitcoin technique.

Octagon Networks has grow to be the primary cybersecurity firm to transform its whole steadiness sheet into bitcoin, per a press release on Octagon’s web site.

The corporate stated its subsequent purpose is to allow Bitcoin funds for all providers whereas providing a 50% low cost when paid in bitcoin.

Octagon is a analysis and growth staff in cybersecurity with places of work within the U.S. and Ethiopia, although it’s largely composed of distant hackers and software program builders the world over. Within the quick six months of the corporate’s existence, Octagon has helped to safe over 1.5 million world gadgets by reporting and disclosing vital vulnerabilities.

Octagon briefly shared its reasoning behind its aggressive adoption of bitcoin, beginning with “We imagine Bitcoin will lead the world towards a greater future.”

The corporate defined that its inspirations for selecting this particular enterprise mannequin “are many,” however MicroStrategy, a software program analytics firm and the world’s largest company holder of bitcoin, impressed the precise implementation Octagon selected to make use of.

In brief, MicroStrategy’s mannequin will be summarized as fiat debt for bitcoin. The agency routinely takes both bitcoin-backed loans or fiat loans to buy bitcoin and add it to its steadiness sheet.

The software program analytics firm has made latest headlines for plans to supply a 401(ok) which is able to permit staff to buy bitcoin inside their retirement portfolios by way of Constancy.

Andrew Kang, MicroStrategy’s new CFO, additionally addressed the corporate’s Bitcoin technique saying that he can not foresee a situation through which the corporate would think about promoting its bitcoin. Whereas Octagon’s entry into a brand new monetary frontier is essentially impressed by MicroStrategy, it can probably carve out some new strategies on the earth of cybersecurity.