Akoin, the American-Senegalese musician Akon’s cryptocurrency project, starts in Mwale Medical Technology City (MMTC)$ 2 billion in western Kenya.
As a newly built city focused on a state of the art medical and technological complex, MMTC appears to be the ideal testing ground for the coin before it becomes the official currency of the city of Akon, which is currently being developed in Senegal.
During the pilot phase, which begins later this month, residents will be able to pay and receive payments with Akoin and instantly convert the currency to cell phone minutes or other forms of exchange.
While the first rollout is by invitation only, 30,000 transactions are expected to be carried out per month.through the implementation of Atomic Swaps, commercial services, and an Akoin debit card.
Until mid-2021 A broader rollout to 35,000 residents, 5,000-bed Hamptons Hospital employees, and 2,000 merchants is expected to bring service volume to 1.5 million transactions per month.
The launch of Akoin on MMTC coincides with the listing on November 11th on the Bittrex cryptocurrency exchange, which allows the AKN token to be traded worldwide.
This is the first step towards ambitions for greater use of cryptocurrency in Africa and possibly the rest of the world. In a joint statement, Akon and MMTC founder Julius Mwale said:
“We believe the platform can make important advances in engaging millions of people in the formal economy, which is a fundamental step for economic growth.”
As Cointelegraph reported, The Akon Foundation is also establishing a blockchain hub known as the Kenya Opportunity Center in Mwale Medical Technology City.
Construction in the Senegalese city of Akon, where Akoin will be the main currency, will begin next year. Completion is planned for 2030.
Akoin is described as a utility token that enables atom swaps between cryptocurrencies, trust, and cell phone credit, which is a popular store of value in many developing countries.