Akoin (AKN), Akon's cryptocurrency, has been piloted at the Mwale Medical and Technology City (MMTC) for almost a year. Now, the coin is set to be fully launched by September 2021. Is Akon one step away from his Akon City dream?
Akon, an American-Senegalese pop star, has big dreams for the African continent. After successfully implementing his Akon Lighting Africa Project, which has since expanded cheap solar energy to 16 West African countries, Akon has now embarked on a $6 billion project to build a futuristic city using the cryptocurrency Akoin. It may sound impossible, but Akon is determined to bring the project to life.
In a recent interview with BBC Africa, Akon cited three steps to building a city like Akon City: Dream, Team and Money. In this regard, he added that he has raised $4 billion of the $6 billion needed to build the city in Senegal. Akon did not stop there, but wants to have his cities built in many African countries. In March, he made a business trip to Uganda, where he promised a second Akon City, according to CoinIdol, a world blockchain news outlet.
The Akoin cryptocurrency is an integral part of the broader Akon City project, and Akon argues that it will evolve into a continental cryptocurrency that is freely accessible to ordinary Africans, businesses and organisations. Cryptocurrencies are long overdue in Africa, where the unprohibited population makes up over 80% of all Africans currently living on the continent.
MMTC is Akon's largest partner in Africa. It is a $2 billion investment on a large piece of land in Kakamega, Kenya, with sophisticated medical and housing infrastructure. MMTC consists of five districts: Airport, Golf, Plaza, Grid and Industrial Districts, each covering several square metres. The project fits perfectly into Akon City 's vision of building the most advanced technology in Africa.
Today, MMTC is working on its own airport, shopping mall, resorts and other residential facilities following the completion of the 5000-bed Hamptons Hospital. MMTC has become a major attraction for tourists within and outside Kenya. Julius Mwale, the MMTC's managing director, expects Aon City to become Kenya's second largest city, bigger than cities like Doha and Abu Dhabi.
In November 2020, MMTC became a pilot centre for Akoin where patients, employees and residents around MMTC can get paid in Akoin and also transact with each other. Akoin Management has announced the success of the pilot. MMTC and Akoin Management have now planned a nationwide rollout of the cryptocurrency in September 2021. At that point, all Kenyans would be able to use Akoin for transactions. The management expects a transaction volume of $2 billion by the end of 2022.
Apparently, Akoin is traded on Bitrex and currently has a market cap of more than $75 million, according to CoinMarketCap. Although Akon repeatedly refers to Akoin as a continental currency for Africans, the spread is still low. Only Kenya and Ghana currently trade Akoin, and the U.S., where Akon resides doesn't have access to the token.
Because Akoin is an important part of the Akon City project, the ultimate success of Akon City depends on it. This is good news for Akon City investors and the larger crypto community in Africa. Many followers of Akoin management on Twitter were rooting for Akon to succeed in Kenya.
The Akon City project continues to move forward as planned. The Akoin component of the project has recorded a success in its pilot project in Kenya. The token will now be launched in the East African country for public transactions next month. Akon and Akoin Management are pleased with the successes achieved so far and are determined to roll out Akon City in Senegal in 10 years.