UAE-Based IT Company Octagon International Starts Accepting Payments In Cryptocurrency This announcement comes as part of Octagon International's aims to align with the UAE government's vision of becoming a knowledge-based economy.
By Entrepreneur Middle East Staff Edited by Aby Thomas
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Octagon International FZCO, a UAE-based information technology equipment company, has started accepting payments in cryptocurrency.
The move comes as the company looks for ways to ease transfer of services across geographical borders and reduce transaction costs. It is also expected to enable Octagon International to make better use of algorithm-driven financial transactions and gain better global accessibility to cash exchanges.
"The need of using a global currency has become inevitable, and since technology is advancing, we need to advance with time as well," said Sukant Mishra, founder and shareholder of Octagon International, in a statement. "We need to become borderless and hassle-free even in terms of financial transactions and this is just one step in that direction." Mishra further added that this announcement will help Octagon International gain a footing in the digital currencies market and prove to be a useful way of controlling the company's capital while also balancing assets to cash.
Sukant Mishra, founder and shareholder, Octagon International FZCO. Source: Octagon International FZCO
Octagon International customers will now be able to choose between paying using traditional currency or cryptocurrency, both online and in-person. For online transactions, clients will have to use a payment gateway to accept the cryptocurrency. While the preferred route for this is through bitcoin online payments, it can also be done via other mainstream cryptocurrency platforms. All customers will also continue to receive invoices for their transactions, and no entity or individual will be expected to accept cryptocurrency settlements in lieu of the local currency.
This announcement comes as part of Octagon International's aims to align with the UAE government's vision of becoming a knowledge-based economy.
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