Nigerian Blockchain-based Startup ABiT Network Acquires College Situation Android App for N22 Million Naira.
Nigerian blockchain-based startup ABiT Network announced that it has acquired College Situation Android App for N22 Million Naira.
ABiT Network, a blockchain based solutions provider with offices in Nigeria, Dubai and the USA acquires College Situation.
College Situation is a three-weeks old mobile app enabling African students secure scholarships and fellowship programmes abroad.
The College Situation android app developed by Favour Ori went live on February 9, 2020. But then on February 28, 2020, ABiT Network acquired the barely three-weeks old android app.
Speaking on the acquisition of the android app, Founder and CMO of ABiT Network, Mr Gaius Chibueze said that he had always wanted to buy the android app startup and it took months to get Mr Favour Ori to accept the offer.
The new acquisition deal will see Favour Ori retain 2 percent ownership of the company for life, while ABiT Mobile Application will own 98 percent, according to a statement from ABiT Network.
Meanwhile, Favour Ori is now the ABiT Network Product Manager for the College Situation App, with an expanded role as Chief Technology Officer (CTO) of ABiT Mobile Application.
Moreover, as the CTO of ABiT, Favour Ori is incharge of delivering nearly fifteen android apps, including College Situation android app. And also other blockchain solutions mobile app from ABiT Network like, ABiT Trader, ABiT Crowd and ABiT discount shoppers, ABiTgo etc.
“It’s still my app, it’s still my product. So, I’m basically getting paid to work on my product”, he explains.
Moreso, the official cryptocurrency of the ABiT Network ecosystem Tatcoin will now become the de facto transactional currency on the College Situation App.
According to Favour Ori, the vision to develop College Situation mobile app came about because of the difficulties he had in securing admission to study abroad back then in 2016.
“I was driving home from church one day when the idea hit me. How about you build something to automate the process of studying abroad? A platform that gathers all the schools, housing, scholarships, and fellowship programmes. That’s how College Situation started.”
About ABiT Network
ABiT Network is a blockchain based mobile application company with offices in Nigeria, Dubai and the USA. ABiT Network is focused on providing blockchain-powered solutions to all of Africa.
Image from Abit Network