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Young entrepreneurs in Africa now have a new option to pursue their business dreams. Yes, you guessed it right, Akoin. The Grammy-nominated artist, producer, and entrepreneur Akon created Akoin. This cryptocurrency is specifically made for Africa (later would be used worldwide), is currently available in beta and would be launching later this year.
Also, read on Music Artist AKON Is Bullish On Cryptocurrency
Africa, as we all know, is ‘The Hub’ of natural resources. In fact, 75 % of Africa’s population is below 21. The Senegalese descent, Akon thus wants to provide its youth with adequate and latest technologies. He launched Akon Lighting Africa in 2014, which provided electricity via solar energy to the various countries throughout Africa and created his own city called ‘Akon City’ in 2020. Now, he has come up with yet another project. His own cryptocurrency, Akoin and he claimed that ‘Akon City’ will be like a real-life Wakanda and it will run entirely on Akoin. He really is making a big impact on Africa. Isn’t it?
Kenya Becomes the Second City to Support Akoin
He first started Akoin’s trade in his own ‘Akon City’ and he disclosed that now a city in Kenya would support his digital cash currency. Akon who currently is living in Atlanta with his family announced Akoin’s partnership with the $2 billion tech hub, Mwale Medical and Technology City (MMTC) in Kenya on his birthday yesterday (April 16) at a conference online.
Akoin is based on Stellar. It is a platform with cryptocurrency attached to it. Just like the App-Store in your iPhones, Akoin is just like the App-Store for the cryptocurrencies. Anyone can utilize it in many ways. He told the conference that he wants to give Africa the currency they can trust. They plan to modify the traditional payment systems and are aiming for 1 million transactions in the first year of it being implemented.
Will Akon’s dream come true?
Akon quoted that his dream is Akoin to be the future currency for various continents and developing countries. However, we all know Akoin is heavily dependent on smartphone penetration. There is a 21% penetration rate of smartphones in Kenya and in 2015 it was roughly 19% in Senegal. The new town MMTC is currently being built in Butere , Kakamega. This means all the Africans who willingly surrendered their land for the construction of MMTC are millionaires now and they won’t be able to benefit from Akoin.
But Akon is aiming for the future. He aims to provide economic stability and growth in Africa. He thinks once enough people come online and there is an increase in mobile internet users then only people will get to see how easy it is to use Akoin and how it brings the power back to the people.