Senegalese-American musician and businessman, Alioune Badara Thiam, known popularly as Akon and his partners have successfully launched the much-anticipated Cryptocurrency called Akoin in Kenya.
The Mwale Medical and Technology City (MMTC), $2 billion metropolis situated around a 5,000-bed medical and technology complex located in Kenya’s Kakamega County has rolled out Akoin.
The akoin cryptocurrency has equally started trading against BTC and USDT on the Bittrex Global crypto exchange since November 11th, 2020.
The first phase of the rollout is meant to pilot the newly created currency ahead of Akon’s $6 Billion futuristic Wakanda city called Akon city in Senegal where the launched cryptocurrency will be mainly used as the primary tender for transactions.
Julius Mwale, the main investor for MMTC where the piloting is taking place stated that, “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.”
He earmarked the end of 2021 for the full implementation of the currency. “We’re going to use exclusively akoin by the end of 2021” he stated in a podcast, adding that, his facility is “expecting to do an initial 30,000 transactions starting next month.”
According to him, residents in the facility “will be able to swap between the akoin crypto and large mobile minutes, m-pasa, and the U.S. dollar.” He added that people are excited about this initiative and believes they will save enough money using the newly introduced cryptocurrency because, unlike the m-pesa system they currently use which comes with transaction fees, Akoin will not charge any transaction fee. “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.” He stated.
The project will also see the introduction of a credit card to users after dealing with the initial 30,000 transactions within a month to ensure that, merchants that accept Visa or Mastercard will be able to accept Akoin which he projects will scale up the system to facilitate 1.5 million transactions a month.