Akoin Cryptocurrency Launches in Kenya as Pilot for $6 Billion Akon City

The akoin cryptocurrency, created by famous singer and philanthropist Akon, has started trading on a global crypto exchange. It is also being launched as a means of payment in a tech city in Kenya as a pilot for Akon City, the $6 billion futuristic city that is being built in Senegal.

Akoin Crypto Starts Trading and Is Being Used for Payments in Kenya

The much-anticipated cryptocurrency created by Senegalese-American star and philanthropist Akon that will be used as the primary currency in his $6 billion Akon City in Senegal has launched. The akoin cryptocurrency (AKN) began trading against BTC and USDT on the Bittrex Global crypto exchange on Nov. 11.

The akoin cryptocurrency has also launched in Mwale Medical and Technology City (MMTC) as a pilot for Akon City. The MMTC is a $2 billion metropolis centered around a 5,000-bed medical and technology complex located in Kenya’s Kakamega county, its website describes.

Julius Mwale, the principal investor of Mwale Medical and Technology City, said in a podcast interview on Blockdown 3.0 that the complex is expected to be fully completed by the end of this year, adding:

We’re going to use exclusively akoin by the end of 2021.

He explained that there are currently 35,000 residents and over 2,000 merchants, and the akoin cryptocurrency system will be implemented for them all. He is confident that by the end of next year, there will be more than 20,000 workers whom will be paid in the akoin cryptocurrency.

1.5 Million Monthly Transactions Expected

“We are expecting to do an initial 30,000 transactions starting next month,” Mwale continued. Residents will be able to swap between the akoin crypto and large mobile minutes, m-pasa, and the U.S. dollar, he detailed. After the initial 30,000 transactions in 30 days, a credit card will also be launched so that merchants that accept Visa or Mastercard will be able to accept akoin. The system will then be scaled up to facilitate 1.5 million transactions a month. He elaborated:

That’s 5,000 workers for 1.5 million transactions a month after the initial 30,000 [transactions].

Mwale claimed that “People are very very excited” about the project because the city currently uses m-pesa which charges transaction fees. He explained that most people in the area do not make a lot of money, so the transaction fees are “very expensive for them.”

In contrast, there will not be any charges or transaction fees within the akoin ecosystem, Mwale emphasized. “The only charges will come if you are getting out of the network so people are very excited, they’re going to save a lot of money.”

Pilot for $6 Billion Akon City in Senegal

Akon, whose real name is Alioune Badara Thiam, is building a futuristic $6 billion Akon City in Senegal, which he calls a “real-life Wakanda,” referring to Marvel’s hit movie Black Panther. In September, the Grammy-nominated artist unveiled details of what will be in Akon City, particularly in seven major districts.

Mwale explained that “akoin is going to be the exclusive cryptocurrency for Akon city,” adding:

This is the test ground for akoin before it moves into the Akon city as we start building there next year to literally turn Africa into a cryptocurrency ecosystem within the next decade.

Mwale explained that the Kenyan government “literally outlawed cash transactions and any other transactions other than digital so everything since the Covid-19 pandemic began has been digital transaction.” He believes that the akoin crypto launch has “the best timing … because everybody now has to basically operate in digital transactions.” He concluded: “it’s been very easy for us to transition to akoin from other digital transactions, the m-pesa and other transactions that we already have.”

What do you think about the akoin crypto being used as a means of payment? Let us know in the comments section below.

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