Akoin Cryptocurrency Launches as Official Currency for Akon City and MMTC

The much-anticipated Akoin cryptocurrency (AKN), created by Senegalese-American star and philanthropist Akon, has officially launched. Akoin is set to play a pivotal role as the primary currency in Akon City, a futuristic $6 billion smart city in Senegal. It also debuted in Kenya’s Mwale Medical and Technology City (MMTC) as part of a pilot program.

Akoin Launch Details

1. Trading on Bittrex Global

On November 11, Akoin began trading on the Bittrex Global crypto exchange, available in pairs against BTC and USDT.

2. Implementation in Mwale Medical and Technology City (MMTC)

• Location: Kakamega County, Kenya.
• Investment: A $2 billion metropolis centered on a 5,000-bed medical and technology complex.
• Akoin will be used exclusively in MMTC by the end of 2021.

Akoin’s Role in MMTC

1. Supporting Residents and Merchants

• The city currently has 35,000 residents and 2,000 merchants, all set to adopt Akoin.
• By the end of 2021, 20,000 workers will be paid using the cryptocurrency.

2. Transaction Plans

• Initial Rollout:
  • 30,000 transactions planned for the first 30 days.
• Scaling Up:
  • By late 2021, the system aims to facilitate 1.5 million transactions monthly.

3. Payment Versatility

Residents and merchants will benefit from the flexibility of Akoin:

• Ability to swap Akoin with:
  • Mobile minutes
  • M-Pesa credits
  • U.S. dollars
• Launch of a credit card allowing merchants who accept Visa or Mastercard to process Akoin payments.

Akoin in Akon City

Akon City, envisioned as a state-of-the-art smart city powered by sustainable energy, will use Akoin as its exclusive currency:

• Project Value: $6 billion.
• Purpose: A futuristic city that symbolizes Africa’s progress and innovation.

The integration of Akoin ensures a unified, blockchain-powered financial system for both residents and businesses.

Julius Mwale on Akoin’s Potential

Julius Mwale, principal investor in MMTC, expressed confidence in Akoin’s scalability and usability:

“We’re going to use exclusively Akoin by the end of 2021. We expect to do an initial 30,000 transactions starting next month and scale up to 1.5 million transactions monthly.”

Mwale highlighted Akoin’s ability to create a seamless digital ecosystem, enabling financial inclusion for workers, residents, and merchants.

Why Akoin Matters

1. Financial Inclusion in Africa

• Akoin bridges the gap for unbanked populations, offering access to a digital economy through mobile and cryptocurrency technology.

2. Multi-Use Currency

• Beyond MMTC and Akon City, Akoin has the potential to expand across Africa, empowering local economies with its blockchain-backed infrastructure.

3. Scalability and Flexibility

• The ability to integrate with mobile payments like M-Pesa and traditional fiat currencies ensures widespread usability.

What’s Next for Akoin?

1. Pilot Success in MMTC

The pilot program in MMTC will serve as a blueprint for scaling Akoin adoption across Africa.

2. Broader Adoption

Akon and his team plan to expand Akoin to other smart city projects and underbanked communities globally.

3. Strengthening Ecosystem

• Launching credit cards for seamless merchant transactions.
• Enhancing financial tools to support small businesses and individual users.

Conclusion

The launch of Akoin cryptocurrency is a groundbreaking step in driving financial innovation across Africa. With its adoption in Akon City and Mwale Medical and Technology City, Akoin demonstrates the transformative potential of blockchain technology for unbanked populations and emerging economies.

As the system scales up to process 1.5 million transactions per month, Akoin positions itself as a catalyst for economic empowerment and technological progress across the continent.

For more updates on blockchain-powered projects and cryptocurrency innovations, explore our article on smart city crypto trends.