Cryptopolytech Public Press Pass
Title: Octagon Networks Converts Full Balance Sheet Into Bitcoin
Originally reported on bitcoinmagazine.com by Shawn Amick
01000000 – $Mo’Money$
•| Economy |•| Business |•| Finance |•| MacroEconomics |•| Crypto |
•| Newser |
Octagon Networks Converts Full Balance Sheet Into Bitcoin
- Octagon Networks has converted its entire balance sheet into bitcoin.
- The company will also begin accepting bitcoin as payment for all services, offering a 50% discount to customers using BTC.
- Octagon said MicroStrategy inspired the particular business model it is adopting for its Bitcoin strategy.
Octagon Networks has become the first cybersecurity company to convert its entire balance sheet into bitcoin, per a statement on Octagon’s website.
The company said its next goal is to enable Bitcoin payments for all services while offering a 50% discount when paid in bitcoin.
Octagon is a research and development team in cybersecurity with offices in the U.S. and Ethiopia, though it is mostly composed of remote hackers and software developers across the world. In the short six months of the company’s existence, Octagon has helped to secure over 1.5 million global devices by reporting and disclosing critical vulnerabilities.
Octagon briefly shared its reasoning behind its aggressive adoption of bitcoin, starting with “We believe Bitcoin will lead the world toward a better future.”
The company explained that its inspirations for choosing this specific business model “are many,” but MicroStrategy, a software analytics company and the world’s largest corporate holder of bitcoin, inspired the specific implementation Octagon chose to use.
In short, MicroStrategy’s model can be summarized as fiat debt for bitcoin. The firm routinely takes either bitcoin-backed loans or fiat loans to purchase bitcoin and add it to its balance sheet.
The software analytics company has made recent headlines for plans to offer a 401(k) which will allow employees to purchase bitcoin within their retirement portfolios through Fidelity.
Andrew Kang, MicroStrategy’s new CFO, also addressed the company’s Bitcoin strategy saying that he cannot foresee a scenario in which the company would consider selling its bitcoin. While Octagon’s entry into a new financial frontier is largely inspired by MicroStrategy, it will likely carve out some new methods in the world of cybersecurity.
‘News of the Day’ content, as reported by public domain newswires.
Source Information (if available)
It appears the above article may have originally appeared on bitcoinmagazine.com and has been shared elsewhere on the internet, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!