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How Samuel Benedict Built a $10 Million Company With Satowallet From Scratch in 2 Years

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entrepreneur Nigeria blockchain award

How Samuel Benedict Built a $10 Million Company With Satowallet 

 

It’s been an interesting story so far from Samuel Benedict Ogbonnaya, Founder and CEO of Blockchain Tech Hub, the parent company of Satowallet.

The company is currently rated as Africa’s Largest Blockchain company.

In today’s episode, we had the opportunity to meet with Samuel Benedict Ogbonnaya (SBO) and he shared with Entrepreneur Nigeria how he was able to build a $10 Million dollar company within 2 years of running the Blockchain company.

samuel benedict ogbonaya as the blockchain entrepreneur of 2018 by igwe chrisent

He let us know that;

He has been into tech-related businesses and employer of labor in since 2012.

His first major venture into tech was Shop Kudi, an online E-commerce and drop shipping platform that sales products online majorly fashion and accessories where he made his first 5 million Naira profit.

After few years, running the platform became difficult due to logistics and more which eventually led to the sell off and exit of the business.

He ventured into other online business like Mini importation, freelancing until 2015 where he got fully into Blockchain and cryptocurrency business.

During the crypto rush hour in 2016, Samuel Benedict was inspired to start a Multi cryptocurrency wallet after he had so many crypto accounts on different platforms and had issues of securing different crypto wallets accounts on different platform.

So, as a Blockchain developer, he decided to build a cryptocurrency wallet system that will enable the people doing crypto to have a one wallet solution to all their crypto assets.

Work went in immediately for the wallet development and Fast forward to April 2016, SatoWallet was launched from Blockchain Tech Hub, a company that was mainly into bitcoin and blockchain services with his partner Osiobe Oghenekparobo.

SBO is a sucker for excellence and wanted to have a great product that will meet world class standard even at launch. At Satowallet, the whole of 2016 was used to develop and improve the platform without making a single profit of $1.

Hmmmm

Inspiring indeed.

Could this be the reason why he said “never be in a hurry to blow, take your time and build”

In 2017, the company’s had released 2 versions of the wallet system on Playstore without iOS and had less than 5000 users as at June 2017 with 4 staffing capacity when they moved the digital wallet platform from both Web and mobile wallet to just mobile alone.

There is a need for growth hacking at this stage and more hands on the platform, so, Samuel Benedict decided to Invite GT Igwe Chrisent of Gudtalent & Co Nig Ltd to join his team in November 2017 as the lead marketer and analyst of the company where other Blockchain based products and services were carried out.

The company started its growth plan in December 2017 (online and offline) with its first Dubai Meetup to draw in users from the UAE.

The platform was still not profitable at this point which then made Samuel and his team know that more needs to be done.

The company started collecting users experience feedback to improve the product and by October 2018, version 8 of SatoWallet have been released on both Playstore and iOS.

So many features were added to the Satowallet App during this time of growth hacking while bootstrapping currently making it the most robust wallet system in the world right now with over 50000 active users.

Related: Top 10 cryptocurrency wallet to use

Some of the Notable Features of Satowallet that Made it Stand Out are

  1. Multi asses mobile wallet
  2. Coins swap feature
  3. Trading feature
  4. Low transaction fees and Segwit implementation
  5. Crypto Payment processor
  6. Offline crypto transactions
  7. Mobile mining for users
  8. Top notch security

SatoWallet has an investment package which let’s investors earn 40% of the company’s monthly trading profit from Satowallet shares (SATOS).

The Satowallet shares sales have been successful since it was launched in October 2018 and have raised over $6 million funding which will help the company expand fully into other counties in 2019.

Satowallet (as at December 2018) runs an average trading volume of $5 million daily and have been listed on so many coin tracking websites which helps investors know how much has been made from their investment.

Kindly visit www.satowallet.com for more details.

When we reached out to the CEO of Blockchain Tech Hub, Samuel Benedict, he disclosed to us that Satowallet is currently valued at over $10 million dollar as at August 2018 when it became the first African Blockchain company to process over $3 Million (1 Billion Naira) crypto transaction in a month. Read more about it here. The company is set to cross a billion dollar net worth in 2019 with 50-100 staff capacity as it expands.

Indeed, Samuel Benedict has done a lot of work and we are happy to say he’s the Nigeria Blockchain Entrepreneur of 2018 in our 2018 Nigerian Blockchain Award.

Congrats and more wins to Satowallet!!!

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What is Cryptocurrency And How Does It Work? 

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Obiex finance website

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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