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Akoin, the cryptocurrency project by American-Senegalese musician Akon is about to be launched in the $ 2 billion Mwale Medical Technology City, or MMTC, in western Kenya.
As a newly built city centered around a state-of-the-art medical and technology complex, MMTC would appear to be the ideal test bed for the currency, before becoming the official currency of Akon City, currently under development in Senegal.
During the pilot phase, starting at the end of this month, residents will be able to pay and get paid using Akoin and instantly convert the currency into mobile minutes or other forms of exchange.
Although the initial launch will be by invitation only, it is expected to see 30,000 transactions per month, through the implementation of atomic swaps, merchant services, and an Akoin debit card.
By mid-2021, a larger rollout to 35,000 residents, 5,000-bed Hamptons Hospital workers and 2,000 merchants is expected to increase service volume to 1.5 million transactions per month.
The launch of Akoin in MMTC coincides with the November 11 listing on the cryptocurrency exchange Bittrex, allowing the AKN token to be traded globally.
It marks the first step towards ambitions of greater use of cryptocurrency across Africa and potentially the rest of the world. In a joint statement, Akon and MMTC founder Julius Mwale said:
“We believe the platform can make significant progress in bringing millions of people into the formal economy, which is a critical step for economic growth.”
As Cointelegraph reported, the Akon Foundation is also creating a blockchain hub, dubbed “Kenyan Opportunity Hub” in Mwale Medical Technology City.
Construction of the city of Akon in Senegal, where Akoin will be the primary currency, will begin next year with completion scheduled for 2030.
Akoin is described as a utility token, which powers atomic exchanges between cryptocurrencies, fiat, and mobile phone credits, which are a popular store of value in many developing countries.
