Octagon Networks is the first company to convert 100% of its balance sheet to Bitcoin and implement payments with this cryptocurrency, all at the same time. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Digital security and research company Octagon Networks is the latest company to invest in Bitcoin. This Monday, the global cybersecurity services company reported that its entire balance sheet and liquid assets were converted to Bitcoin (BTC), in a move that seeks to boost the use and adoption of the cryptocurrency as a revolutionary technology capable of guiding the world “towards a better future.”
In addition to its investment in Bitcoin, the cybersecurity company revealed that it will begin accepting payments in the cryptocurrency, offering a 50% discount for those who use BTC as a means of payment for its services.
At the Press release Shared on its blog, Octagon Networks notes that Bitcoin’s decentralized technology has allowed it to expand its work into cyberspace.
Cryptocurrencies and stablecoins
📍Tron's algorithmic stablecoin USDD reserves exceed 14.000 BTC. In what appears to be another step in the direction of Terra Classic’s failed stablecoin TerraUSD Classic (USTC), the Tron Reserve has reported that the Tron blockchain’s algorithmic stablecoin, USDD, is being backed by reserves denominated in other cryptocurrencies, which will help ensure its value and stability.
Tron Reserve, which guards USDD reserves, has published a breakdown of its current asset reserves, where Bitcoin predominates with a total of 14.040,6 BTC, valued at around $412 million currently. It is followed by Tether (USDT), with a total of $240 million and Tron (TRX), with more than $75 million.
In total, USDD cryptocurrency reserves amount to around $726 million, while its market capitalization is close to $670 million, at the time of writing.
Miners and Node Validators
📍Hut 8 Mining Corp will preserve all your bitcoins. Bitcoin mining company Hut 8 mined 10 BTC per day on average last May. Each of these bitcoins has been deposited in its custody address, the company reported via Twitter. Hut 8 specified that this month it will continue to increase its operational capacity, installing new miners and supplying more energy to its facilities, to increase its bitcoin production in the future, which will remain at “HODL".
The total bitcoins held in reserve by the company amounted to 7.078 BTC at the end of May.
Rules and Regulations
📍Uganda may regulate cryptocurrency companies. The Bank of Uganda, which attended the bankers' summit held in El Salvador last May, is considering the possibility of including cryptocurrency companies in its regulatory sandbox.
From the official account of the Blockchain Association of Uganda, the organization has shared a circular that sets out the interest of the country's Central Bank to integrate some business models related to cryptoassets into its legislation.
📍From Australia, Mayor Tom Tate declares himself in favor of cryptocurrencies. Tom Tate, mayor of the city of Gold Coast in Australia, told local outlet ABC News that tax rates in the city could be paid with cryptocurrencies in the coming years, despite the current loss of value seen in the crypto market.
According to the mayor, who noted that the volatility of cryptocurrencies is not as bad as some think, the adoption and use of these digital assets could foster innovation in the region, increasing its attractiveness as a potential innovation hub that can attract new generations. Tom Tate also noted that the risk of trading in cryptocurrencies “is not that high.”
Continue reading: Vitalik Buterin, creator of Ethereum: “I oppose banning PoW”
