Institutional adoption of bitcoin is increasing despite the crypto assets price depreciation in 2022. Last week, the company Octagon Networks announced that it had converted its entire balance sheet into bitcoin.
It is the first time a cybersecurity company has converted all its liquid assets into crypto assets. According to Octagon Networks’ statement, “bitcoin will lead the world to a better future”.
Bitcoin was responsible for expanding work opportunities in cyberspace, says the company. That being the case, as it shows through the entire balance sheet conversion, Octagon Networks confirms that MicroStrategy inspired it.
“Bitcoin will help accelerate our other goals to bring high-quality cybersecurity solutions to the masses and help address the complicated bureaucracy involved in acquiring international clients and talents”.
Bitcoin conversion and payments
In addition to converting liquid assets into bitcoin, Octagon Networks now accepts the crypto asset as means of payment. Therefore, users can pay for the company’s services using digital currency, which still features a discount.
In total, services paid for in bitcoin will be 50% off. This way, the cybersecurity company will gradually increase its position with the crypto asset.
With only six months of operation in cybersecurity, Octagon Networks has already contributed to developing solutions that have reached 1.5 million devices.
Like MicroStrategy, the cybersecurity company decided to invest in bitcoin soon after the devaluation of the crypto asset in the market. Currently, the digital currency is priced at around US$29,000. This value represents a 57% drop since the all-time high reached the end of 2021.