Octagon Networks Converts All Of Its Assets into Bitcoin

Octagon Networks Converts All Of Its Assets into Bitcoin

Octagon Networks, a cybersecurity company, has recently converted its balance sheet and all its liquid assets into Bitcoin.

This is considered a very bold move for the start-up, which was launched in the first quarter of 2022 and already has a workforce of more than 20 hackers, software developers, and researchers. The cybersecurity firm runs its operations from a base in Addis Ababa, Ethiopia, which is not new to the benefits of blockchain technology. Late in 2021, Ethiopia incorporated the intelligence of Cardano into the running of its educational system to enable better management and improve the quality of education.

The company houses security researchers and hackers with the sole aim of enabling web security while tackling threats, threat actors, and advanced vulnerabilities. It deals with a policy that prioritizes individual security and privacy. They also publish free security research materials on their blog on topics like hack techniques, web vulnerabilities, nation-state actors, and threats, while providing security services like penetration testing, training potential hackers, network vulnerability monitoring, red teaming, and reviewing code programs.

Octagon Networks boasts of a very diverse group of skilled hackers from many departments, which offers round attention to their clients’ jobs.

They claim to be the first cybersecurity firm to enforce the use of Bitcoin into their business model. To provide more incentives to their potential customers, they accept Bitcoin as payment for all their services and this especially comes with a 50% discount.

The firm said they were inspired by Microstrategy, an American company that deals with mobile software, cloud-based services, and business Intelligence that was co-founded by a Bitcoin “whale” Micheal Saylor in 1989.

The Bitcoin Implementation Into Their Payment System

As announced on their blog yesterday, they stated their faith in Bitcoin’s potential, claiming that it’ll accelerate and hasten their goals to bring high-tech security solutions closer to the masses and also act as a bridge between international customers and talents, thereby tackling bureaucracy in the system.

Paulos Yibelo, the company’s managing partner and an Information security expert, explained their decision by saying,

As security researchers, engineers, and hackers distributed across multiple third-world countries, we have always admired Bitcoin’s ongoing contributions to the advancement of humanity, and now appreciate how it has opened the door for us to expand our work across borders!

Paulos Yibelo

He wrote about their advancements in the sector since their inception in less than six months. They have made massive free contributions to the global security network while helping to secure over 1.5 million devices.

In this short time, we have responsibly reported and disclosed widely spread critical vulnerabilities affecting web servers, applications, Network Attached Storage, and other internet-of-things devices both in private and by publicizing some of our findings on our blog.

Paulos wrote.

What Does the Firm’s Future Look Like?

While making emphasis on their goals in the information security sector and the promises of expansion into other countries, they recently launched a branch in San Francisco, USA. This branch, they said, provides more opportunities for networking and connecting with like enterprises in the sector.

However, It appeared that the director would be stepping down from his role in the firm as they continue their operation in other zones. He confirmed in a statement that it’d be his last day at the firm.

Today will be my last day at Octagon, and I am very happy about the work we have done as well as the board’s decision to convert our entire balance sheet into Bitcoin and consequently cross borders as an emergent company in cyberspace. I am confident in the person who will take the position of leading the company in my departure; he is a fellow hacker who is well versed both in security research as well as leadership. 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: that the future is bright with Bitcoin.

Barinem Pene Verified

Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.

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