Ethiopian Octagon Networks Converts Its Balance Sheet Into Bitcoin
Octagon Networks, an Ethiopian cyber security company, inspired by MicroStrategy converted its entire balance sheet to Bitcoin (BTC).
Octagon Networks, headquartered in Ethiopian capital Addis Ababa, has converted its entire balance sheet and all its liquid assets into the leading crypto asset. It is also now accepting bitcoin as a payment for its services.
The Ethiopia-based Octagon Networks announced the news on its website. Paulos Yibelo, a Managing Partner at the company, believes it could “help tackle the complicated bureaucracy involved with acquiring international customers and talent.” He also predicted that Bitcoin will “lead the world toward a better future.”
Octagon Networks also revealed that customers who settle their bills in BTC will get a 50% discount.
According to Yibelo the firm has long admired Bitcoin and its advantages. He also said that the US-based business intelligence company, MicroStrategy, has had a big impact on its decision to become the first cyber security company that converted its balance sheet into Bitcoin.
“Our inspirations for these ideas are many, but our implementation of this specific model was inspired by MicroStrategy Inc. based in the US.”
Established in Q1, 2022, the firm also reportedly has opened offices in San Francisco.
