- Security firm Octagon Networks converts its liquid assets and balance sheets into Bitcoin.
- Octagon will also start accepting bitcoin payments for its services
- The company becomes the first cybersecurity firm to do so.
Security and intelligence firm Octagon Networks started its week by allegedly becoming the first cybersecurity company to convert all of its liquid assets and balance sheets into Bitcoin.
According to Octagon, it will also start accepting bitcoin payments for all its services. Furthermore, Octagon offerings that will be paid in bitcoin will have a 50% discount.
Paulos Yibelo, a former managing partner at Octagon, said that Bitcoin helped the company expand its work across other countries.
We believe Bitcoin will lead the world toward a better future. [It] will help accelerate our other goals to bring high-quality cybersecurity solutions to the masses…
Yibelo added that Octagon’s Bitcoin adoption will aid in opening a discussion on the “bureaucracy involved with acquiring international customers and talent.” Interestingly, the ex-managing partner revealed that Octagon’s implementation model is inspired by the applications of MicroStrategy, Inc.
Notably, MicroStrategy went under as Bitcoin crashed during the market tumble three weeks ago. For over two years, the company owned by Bitcoin whale Michael Saylor had been going all in on crypto.
Aside from Microstrategy (NASDAQ:MSTR) and Octagon Networks, Tesla (NASDAQ:TSLA) has also swapped billions of dollars in bitcoin. Some experts believe that other huge corporations will follow suit and add Bitcoin to their treasury. “This trend will take a while to get underway,” said crypto influencer Anthony Pompliano. “But it is the natural progression in adoption.”
In other news, Magic Eden, a Solana-based NFT marketplace, has surpassed OpenSea in transaction volume. Magic Eden recorded over 500,000 transactions in the past day, dominating OpenSea’s 68,000, according to data from DappRadar.