- Dubbed Akoin, the cryptocurrency is built as a utility token.
- Akoin will be initially used in Akon City, 2,000-acre crypto-themed development in Senegal.
- According to Jon Karas, Akoin’s president, the coin is set to launch in July.
Aliaume Damala Badara Akon Thiam, commonly known as Akon, a Grammy Award-nominated singer is planning to roll out a cryptocurrency. A report unveiled this news on June 20, noting that the crypto coin is known as Akoin. Per the publication, the renowned singer intends for the coin to be used as the local currency in Akon City, a 2,000-acre development in Senegal.
According to the report, Akon got inspired to roll out Akoin after meeting resistance while trying to convert CFA francs to euros while traveling from Dakar, Senegal to Paris a few years ago. According to him, an employee at the currency exchange counter in France told him that the exchange did not accept CFA francs. This inconvenience saw him get stuck with a pocketful of CFA francs and nowhere to spend the money during his visit.
Recalling these events in an interview, Akon said,
“It really just opened my eyes. That really catapulted the energy to say ‘We have to have our own currency. I don’t care what it takes — we’re going to fix this.’”
Seeking adoption beyond Africa
According to Jon Karas, the president, and co-founder of Akoin, the project aims to achieve adoption in Africa and beyond. He also unveiled that the coin will likely launch in early-July this year. He added that Akoin is built as a utility token and not as an investment tool.
Disclosing details of the initiative, the project’s whitepaper outlined that the firm will issue 10% of Akoin’s float through a public sale for starters. However, this figure is reportedly subject to change depending on demand. The whitepaper went on to explain that the firm’s advisers, executives, and directors will hold another 10% of the coin’s float.
It is not clear what percentage of the coin each official of the firm will hold. However, Karas noted that the allocated funds will be subject to a six-month lockup period. After this period, the firm will then begin releasing the funds slowly.
This news comes after Akon announced the plans for Akon City in the past year. He also finalized a land agreement with the Senegalese government earlier this year. However, the government is not funding the project and neither does it have a stake in the coin.
A long-term crypto fan
In the interview, Akon unveiled that he has been a crypto fan for years. He first joined the crypto bandwagon in 2014 by investing in BTC.
Commenting on the importance of digital currencies, Akon said,
“It just goes to show the relevancy of why digital currency is such a futuristic event and how this is the future as we’re moving forward. There are going to be digital currencies that will float through the whole universe that allow us to trade in a way that we’re already accustomed to — but now it’s going to be the norm.”
Do you think Akoin has the potential to introduce the entire African continent into the crypto space? Share your thoughts in the comment section below.