Akon and Jon Karas, the co-founders of Akoin and Akon City, provided new updates on the projects at Binance's 'Off the Charts' virtual conference. The Stellar-based Akoin token will have an internal conversion system, that allows holders to convert between a variety of other assets, including prepaid cell minutes. Akon City will have a medical focus and is being built around a 5,000-bed state-of-the-art hospital.
Grammy Award-nominated singer Akon outlined several potential use-cases for his upcoming cryptocurrency known as Akoin, in a talk at the Binance ‘Off the Charts’ virtual conference. Joined by Hollywood film producer and Akoin co-founder Jon Karas, the two discussed the current state of the Akoin project.
Akon made sweeping statements that the cryptocurrency will empower Africans and break down some of the major hurdles they face in their everyday lives such as inflation, government mismanagement of funds, and corruption.
Because many African fiat currencies suffer from rampant inflation, including the West African CFA franc used in eight African countries, he explained, it is very difficult to exchange these into other currencies. When he travelled to his home country of Senegal, he found that he was unable to exchange CFAs to Euros—which in combination with advice from Blockchain Capital founder Brock Pierce—led Akon to create his own coin.
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To make it easier to exchange the tokens, they will have an internal conversion mechanism, which will allow holders to convert in and out of other cryptocurrencies, fiat currencies, and prepaid cell minutes—which are exchanged as currency by many Africans. The Akoin wallet app will also allow users to “learn, earn, spend, and save.”
Akon on his new coin
Akon discusses his new cryptocurrency with Changpeng Zhao. Image: Binance.
Moderating the chat, Binance CEO Changpeng Zhao asked Akon whether Akoin would be accepted for his concert tickets, to which Akon replied: “The concert is one of the biggest utilization tools, not only for myself but all the others on my label. […] The whole idea is to be able to utilize crypto for everything that we’re doing.”
A U.S. engineering firm awarded singer and entrepreneur Akon with a $6 billion contract to build a crypto city in Senegal.
United States engineering firm KE International awarded Senegalese-American singer and entrepreneur Akon with a $6 billion contract to build a cryptocurrency city in Senegal.
According to a June 4 announcement, KE International secured $4 billion from investors for the first two phases of Akon City’s construction. Akon first announced plans to build the city in January. The firm has now confirmed the deal and added more details about the project.
A crypto-driven city
The first phase of Akon City’s development is expected to be completed by the end of 2023. By the end of this phase, the complex will include a mall, residences, hotels, a police station, a school, a waste facility, a solar power plant, and a hospital campus.
The second phase is expected to be completed in 2029 and is expected to deliver a complete city entirely running on the Akoin cryptocurrency. As Cointelegraph reported in mid-March, Akoin is a cryptocurrency designed for entrepreneurs in developing countries such as Africa.
KE International is also managing the construction of the $2 billion Mwale Medical and Technology City in Western Kenya. The project started in 2014 and is expected to be completed at the end of the year.
The complex is already 85% complete and includes a 5,000-bed hospital, which opened to the public last year. Interestingly, this hospital also partnered with Akon to leverage its Akoin cryptocurrency for transactions.