Octagon Networks Converts Its Balance Sheet In BTC

Octagon Networks, the Ethiopian cyber security company, followed the steps of Microstrategy and converted its entire balance sheet to BTC so let’s have a closer look at today’s latest Bitcoin news.

Octagon Network is a cyber security company based in Addis Ababa that converted the entire balance sheet and the liquid assets into the main cryptocurrency, in addition, it embraced BTC as a payment method for its services. The Ethiopia-based company declared its firm support for BTC and the Managing Partner at the organization Paolo Yibelo believes It can help tackle the complicated bureaucracy involved with acquiring international customers and talent. He also added that the asset will lead the world towards a better future.

Apart from converting the balance sheet into BTC, Octagon Networks revealed that customers will get a 50% discount when settling their bills in BTC. Yibelo also revealed the company admired the main cryptocurrency and its advantages and said that the US-based business intelligence company prompted the decision to become the first cyber company that will embrace the asset in 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.”

Yibelo also announced he will no longer work for Octagon Networks and that his successor has rich experience in the cyber security industry:

“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.”

The American company led by Michael Saylor was adding BTC to the corporate balance sheet since August 2020 and a few months ago, Phong Le, the Chief Financial Officer of Microstrategy said the company will purchase more portions of the asset in the future despite fluctuations ont the market. Now, it owns 129,218 BTC acquired at an average price of $30,700. in the past few weeks, BTC’s price hovered around $30,000 and Microstrategy was sitting at an unrealized loss of over a million dollars. At the moment, the cryptocurrency is trading at $31,500 which puts the investmetns in the green again.

It’s worth mentioning that the head of the company Michael Saylor is one of the biggest advocates of BTC and advises investors and governments to buy the coin as a hedge against inflation.