Popular American and Senegalese music rapper, Aliaune Thiam, popularly known as Akon, is set to launch his cryptocurrency, Akoin in Kenya. Akon’s crypto, when it finally launches later this year, will power the Mwale medical and technology city (MMTC), a $2 billion science and tech hub in Western Kenya.
MMTC, vision of its creator, Julius Mwale
MMTC is likened to the Hamptons of New York in Kenya, according to a 2018 promotional video that describes the vision of its creator, Julius Mwale. Reportedly, Akon plans to entirely change the city’s payments system such that Akoin, Akon’s crypto is being used.
Akoin, upon launch in Kenya, will enable free digital payments at the technology city as the city is estimated to process 50 million transactions yearly.
However, according to Akon’s crypto whitepaper that was published in March, Akoin will act as an atomic swap between money and phone credits.
In an interview with journalists, the “Locked up” crooner said what he wanted was to create something special for African citizens, especially financially, and give them a currency that they can trust and also utilize on a day to day basis. According to Akon, he aims to make Akoin, the future currency of Africa and all developing countries around the globe.
Akoin, Akon’s crypto project in Africa
Akon is currently working on a project to transform both the financial and infrastructural landscape in Africa by creating cities (Akon Cities) that are going to be sustainable and operate exclusively on Akoin crypto.
The first Akon City is near completion in Senegal, Akon’s country of birth, as he aspires to expand and cover the entire African continent. Akon City in Senegal covers a landmass of 2,000 acres given to him by Senegal president, Macky Sall.
But then, lack of payment infrastructure is not the only problem in Africa. Close to 80% of citizens of Sub-Saharan Africa do not have access to electricity. However, Akon’s lightning Africa project launched in 2014 was to help curb electricity problem in Africa as it aims to light the entire continent by renewable solar energy.